OPEC Secretary General: Uncertainty about Covid-19 still looms over the oil market

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) said: Muhammad BarkindoIn statements to reporters on the sidelines of an energy forum in Moscow today, Thursday, the uncertainty about the Covid-19 pandemic continues to affect the oil market, as reported by “Reuters”.

He continued: “The market determines its course in based on the basis of supply and demand. But we have to admit that there are external factors that influence the movement of the market. “

As for the measure in which COVID-19 is causing uncertainty, Barkindo noted “government reactions with the emergence of different strains and how the world can increase vaccination rates, especially in countries in via of development”.

And the general secretary of OPEC said in a keynote speech at an “OPEC +” technical meeting in late September that the group’s gradual increases in production meet high oil demand while avoiding inventory build-up in excess.

Barkindo added, according to the OPEC Twitter account: “Regarding our current position, the ministerial decisions of” OPEC “and non-OPEC to start returning 400,000 barrels a day each month to the market continue to contribute to the balance. between the need for gradual increases to meet demand, while turning without a possible oversupply.

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