Home Investing News OPEC says general oil market outlook is positive

OPEC says general oil market outlook is positive

by
imageCommodities44 minutes ago (Mar 02, 2021 09:10AM ET)

(C) Reuters. FILE PHOTO: The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria

LONDON (Reuters) – OPEC sees the oil market’s outlook as positive in general and the uncertainty that dominated last year is easing, the group’s secretary general said.

“This is a major turnaround from a year ago,” Mohammad Barkindo was quoted as saying on Twitter on Tuesday.

He added that positive global economic developments and resilient demand in Asia were encouraging.

Barkindo spoke ahead of joint technical committee (JTC) meeting for the Organization of the Petroleum Exporting Countries and its allies led by Russia, a group know as OPEC+.

The JTC reviews oil market supply and demand balances as well as compliance of members of the alliance with the agreed cuts.

“It looks good and healthy,” an OPEC delegate said, referring to the latest supply and demand balance for 2021.

“But there are still some thoughts to be cautious,” he added.

OPEC says general oil market outlook is positive

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related News

Leave a Comment

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!