OPEC+ panel says uncertainties may impact oil demand recovery

FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo

DUBAI (Reuters) – OPEC+ has raised concerns that uncertainties may impact the recovery in oil demand due to rising numbers of virus infections globally and lockdown measures, according to a report from the group’s experts panel meeting seen by Reuters on Wednesday.

“Despite the ongoing destocking of commercial OECD stocks, they remain above the 2015-2019 average, while recognising that prevailing volatility in the market structure is a signal of fragile market conditions,” the panel said in the report.

The experts panel, known as the Joint Technical Committee, met on Tuesday ahead of a ministerial meeting on Thursday to decide oil output policy. The producers are withholding millions of barrels of daily supply to support the market.

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