By Emmanuel Addeh
The Organisation of Petroleum Exporting Countries (OPEC) remained upbeat yesterday, saying the the oil market’s outlook continues to be generally positive as the headwinds of uncertainty from last year continue to abate.
Secretary General of the group, Dr Sanusi Barkindo, speaking during the opening of the 49th Meeting of the Joint Technical Committee (JTC), held via videoconference, stated that positive global economic developments and resilient demand in Asia were encouraging global oil market stability.
He highlighted that the meeting would set the stage for a busy week of negotiations, the outcomes of which he said will have a lasting influence on the crude oil markets in the months to come.
By Udeme Akpan
THE Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year.
This is even as the price of Bonny Light, Nigeria’s premium oil grade, dropped from $65.70 to $63.11, while OPEC Basket, and other crudes also dropped marginally over uncertainty about the outcome on the ongoing 49th Meeting of the Joint Technical Committee (JTC) (Videoconference).
However, speaking at the meeting, monitored by Vanguard, HE Mohammad Sanusi Barkindo,Secretary General, OPEC, stated:
“The economic recovery is gaining momentum. This is reflected in our latest global growth estimate of 4.8% for 2021, up from the 4.4% projection we shared at our last meeting.
THE Organisation of Petroleum Exporting Countries, OPEC, has stressed that the estimated 4.8 per cent global growth will culminate in oil market stability this year.
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Oil Market: OPEC paints mixed outlook for 2021
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By Udeme Akpan
Despite the stability of oil prices at $50 per barrel in recent times, the Organisation of Petroleum Exporting Countries, OPEC, has painted a mixed oil market outlook for 2021.
In his Opening Remarks at the 47th Meeting of the Joint Technical Committee (JTC), January 3, 2021, via videoconference, HE Mohammad Sanusi Barkindo, OPEC Secretary General, said: “Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle. We are only beginning to emerge from a year of deep investment cuts, huge job losses and the worst crude oil demand destruction on record. Curbs on social and economic activity remain in place in a number of countries, and there is concern about the emergence of a pernicious new strain of the virus. Last night I saw on the news there are now about 30 countries that have reported this new strain.”