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Reuters: The OPEC+ Joint Technical Committee Says The Uncertainty May Affect The Recovery in Oil Demand

Adel 31 March, 2021 12:38 pm Commodities, Market Update

A report from the OPEC+ Joint Technical Committee reviewed by Reuters revealed concerns that uncertainty may affect the recovery of oil demand amid increasing global coronavirus infections and lockdown measures.

The committee added in the report that despite the ongoing elimination of OECD commercial stocks, still above the 2015-2019 average, fluctuations in the oil market structure are “an indication of fragile market conditions.”

In the report, the committee indicated that a cautious and vigilant approach is needed to continuously monitor the oil market due to the fluctuations in recent weeks.

On the other hand, the OPEC+ Joint Technical Committee said in the report that its next meeting will be on April 26.

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