OPEC says general oil market outlook is positive

OPEC sees the oil market’s outlook as positive in general and the headwinds of uncertainty from last year continue to abate, the group’s secretary general said as oil producers set to discuss quotas on Thursday as demand increases.

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

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.

The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (OPEC), the group’s president said on Tuesday. He added that positive global economic developments and resilient demand in Asia were encouraging.

“Crude prices are relatively stable ... we see a certain balance between demand and supply,” OPEC president Diamantino Azevedo told Reuters in an interview.

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