OPEC maintains 2021 demand forecast amid Covid pandemic fears
An oil pumping jack, often known as a “nodding donkey”, in an oilfield close to Dyurtyuli, within the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020.
Andrey Rudakov | Bloomberg | Getty Pictures
LONDON — Oil producer group OPEC on Thursday saved its 2021 forecast for international oil demand progress unchanged, however warned uncertainties over the impression of the coronavirus pandemic stay excessive.
The closely-watched oil market report comes as coronavirus instances proceed to surge worldwide, with new lockdowns imposed in Europe and parts of China.
In latest weeks, optimism concerning the mass rollout of coronavirus vaccines seems to have been tempered by the resurgent fee of virus unfold.
It has resulted in oil producers attempting to orchestrate a fragile balancing act between provide and demand as components together with the tempo of the pandemic response proceed to cloud the outlook.
“Uncertainties stay excessive going ahead with the principle draw back dangers being points associated to COVID-19 containment measures…
