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Oil Outlook: OPEC Sees Full Of Downside Risks In First Half Of 2021

The Organisation of the Petroleum Exporting Countries, OPEC on Sunday said that there will be plenty of downside risks for oil markets in the first half of 2021. OPEC’s Secretary General, Mohammad Barkindo said this a day before meeting allies led by Russia to discuss output levels for February.

“Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle,” said Barkindo. He was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC.

OPEC+ will meet on Monday.

In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd gradual rise this year but some members have questioned the need for a further boost due to spreading coronavirus infections.

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Source: OrientEnergyReview

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