The Organisation of Petroleum Exporting Countries has said that resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the Organisation of Petroleum Exporting Countries has said.
It disclosed this at the 16th OPEC and non-OPEC ministerial meeting of the Declaration of Cooperation, which took place via teleconference on Tuesday.
The organisation stated that participants highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support.
Participants noted that the recovery was expected to pick up in the second half of the year, but observed that the resurgence of COVID-19 across the globe could hamper economic and oil demand recovery.
“The ministerial meeting emphasised, however, that COVID-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil demand recovery,”OPEC said,adding the meeting also emphasised the ongoing positive contributions of the Declaration of Cooperation in supporting a rebalancing of the global oil market.
The meeting also reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee, including the crude oil production data for March 2021.
