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The global economic outlook and oil market outlook show signs of continued improvement, OPEC Secretary-General Mohammad Sanusi Barkindo said yesterday.
Barkindo made the remarks at the 49th Joint Technical Committee (JTC), ahead of the 27th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 14th Ministerial Meeting of OPEC and non-OPEC countries. ut (ONOMM) to be held today and tomorrow. The group will decide on the production quota after March.
He stressed the improving outlook for the global oil market and the global economy in general, stressing the need to stay on the path of restoring the stability of a stable oil market.
Barkindo said the shock to the oil demand caused by the pandemic was left behind as “oil demand is projected to increase by 5.8 million barrels per day to about 96 million barrels per day”.
He expressed “moderate optimism” about economic recovery and oil demand in Asia. Barkindo stressed that the global COVID-19 pandemic continues to pose negative risks to recovery, citing data showing that new global infections rose in the last week of February for the first time in seven weeks.
“Progress on COVID-19 vaccines continues in many countries, but the current pace shows that many developing countries are in danger of being left behind. “We hope that multilateral efforts will support a comprehensive and rapid introduction of vaccination worldwide,” he said.
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