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Business & FinanceHealth

Reuters reveals OPEC fears second virus wave to prolong oil inventory overhang

Reuters reported exclusively that OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year. OPEC, Russia and their allies, a group known as OPEC+, expects oil demand to climb by 7 million barrels per day (bpd) in 2021 after falling 9 million bpd this year and wants to lift its output by 6 million bpd in 2021. But internal research by OPEC, seen by Reuters, suggests those targets could be at risk if a second wave of the virus forces new lockdowns around the world

Article Tags
Topics of Interest: Business & FinanceHealth
Type: Reuters Best
Sectors: Commodities & Energy
Regions: AfricaAsiaEuropeMiddle EastNorth AmericaSouth America
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text