OPEC Secretary-General Mohammed Barkindo noted that the process of restoring the oil market “is still unstable.”
The Organization of the Petroleum Exporting Countries (OPEC) intends to continue strengthening relations with the American oil industry under the administration of President-elect Joseph Biden. This was stated on Tuesday by OPEC Secretary-General Mohammed Barkindo, speaking at an online conference organized by the Washington Atlantic Council.
“We believe that we have established a very mutually beneficial relationship with the [oil] industry of the United States. We hope to continue to strengthen our relations with the American [oil] industry under the administration of President Biden,” the OPEC Secretary-General said, pointing to the need to maintain a stable oil market. He added that he has not yet been in contact with the president-elect’s team.
At the same time, Barkindo stressed that the process of restoring the oil market “is still unstable.” Nevertheless, he continued, OPEC is optimistic about the development of the market.
OPEC expects global oil demand to recover by 5.9 million barrels per day (b/d) in 2021 after falling by 9.8 million b/d in 2020; the forecast remained unchanged from the previous estimate. Thus, the oil demand this year should reach 95.9 million b / d after falling to 90 million b / d in 2020.