• Daily News
  • Weekly News
  • Special Editions
  • Oil and Gas Events
  • Key Economic Indicators
  • Other Services
Country List
  • Algeria
  • Bahrain
  • Egypt
  • Iran
  • Iraq
  • Kuwait
  • Libya
  • Oman
  • Qatar
  • Saudi Arabia
  • UAE
  • Yemen
  • General News
PAM
  • Project Activity Monitoring
  • Company Activity Monitoring

For Free Headlines Submit Your Email

Login  

Saturday, July 12, 2025 6:34 GMT

  • Home
  • About Us
  • Archive
  • Contact Us

News

OPEC Chief Optimistic Worst of Oil Demand Crisis Over


OPEC is cautiously optimistic that the worst of the oil crisis triggered by the coronavirus pandemic is over, said the group’s top official.

The outlook for the market in the second half of the year is starting to look more encouraging as the global economy recovers, said Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries. The group and its allies are rapidly implementing their production cuts, he said.

“Here at OPEC we remain cautiously optimistic that the worst is behind us,” Barkindo said in a Bloomberg television interview from Vienna on Friday. “What we saw in April was extraordinary” but the group’s members “rose to the challenge.”

OPEC+ will look at all options when it meets again in June, Barkindo said. The 9.7 million barrels s a day of production cuts that started on May 1 are due to gradually taper after two months. It’s premature to say whether the group could decide to change this plan, he said.

The group will consider the state of the global economy, the strength of the recovery in oil demand and the status of the coronavirus pandemic in its discussions, Barkindo said. “The outlook for the second half of the year is beginning to look encouraging and positive that there will be a rebound,” he said. The group’s member have been rapidly implementing their cuts, the secretary-general said.


published:18/05/2020 04:19 GMT

Related News

  • Oil Markets Tightening Due to OPEC+ Cuts: UAE's ADNOC Chief  17/05/2020 05:31 GMT
  • OPEC Cuts Forecast for Global Oil Demand  14/05/2020 07:30 GMT

© 2025 BEDigest. All Rights Reserved.

to read more about this project please go to