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OPEC Chief Sees Still Anemic Oil Demand Recovery

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By Charles Kennedy for Oilprice.com

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Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Finance the Economy the Markets Investing & Trading Reports Commodities Gold Silver Breaking News Premium Articles Community My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 38.48 -1.37 -3.44% Brent Crude • 10 mins 40.39 -1.38 -3.30% Natural Gas • 10 mins 3.013 +0.042 +1.41% Mars US • 3 days 40.20 -0.79 -1.93% Opec Basket • 6 days 40.88 -0.16 -0.39% Urals • 4 days 39.60 +0.00 +0.00% Louisiana Light • 4 days 41.33 +0.05 +0.12% Louisiana Light • 4 days 41.33 +0.05 +0.12% Bonny Light • 4 days 41.54 -0.49 -1.17% Mexican Basket • 4 days 36.80 -0.01 -0.03% Natural Gas • 10 mins 3.013 +0.042 +1.41% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Marine • 4 days 41.61 +0.09 +0.22% Murban • 4 days 42.32 +0.23 +0.55% Iran Heavy • 4 days 39.50 -0.50 -1.25% Basra Light • 4 days 43.07 -0.93 -2.11% Saharan Blend • 4 days 41.24 -0.55 -1.32% Bonny Light • 4 days 41.54 -0.49 -1.17% Bonny Light • 4 days 41.54 -0.49 -1.17% Girassol • 4 days 42.96 -0.12 -0.28% Opec Basket • 6 days 40.88 -0.16 -0.39% OPEC Members Monthly Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 38 days 27.93 -1.77 -5.96% Western Canadian Select • 13 hours 29.95 -0.79 -2.57% Canadian Condensate • 13 hours 38.85 -0.79 -1.99% Premium Synthetic • 13 hours 40.25 -0.79 -1.92% Sweet Crude • 13 hours 36.45 -0.79 -2.12% Peace Sour • 13 hours 35.85 -0.79 -2.16% Peace Sour • 13 hours 35.85 -0.79 -2.16% Light Sour Blend • 13 hours 36.35 -0.79 -2.13% Syncrude Sweet Premium • 13 hours 36.45 -0.79 -2.12% Central Alberta • 13 hours 36.25 -0.79 -2.13% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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Louisiana Light • 4 days 41.33 +0.05 +0.12% Domestic Swt. @ Cushing • 4 days 36.25 -0.75 -2.03% Giddings • 4 days 30.00 -0.75 -2.44% ANS West Coast • 5 days 41.64 +0.62 +1.51% West Texas Sour • 4 days 33.80 -0.79 -2.28% Eagle Ford • 4 days 37.75 -0.79 -2.05% Eagle Ford • 4 days 37.75 -0.79 -2.05% Oklahoma Sweet • 4 days 36.25 -0.75 -2.03% Kansas Common • 4 days 30.00 -0.25 -0.83% Buena Vista • 4 days 43.03 -0.08 -0.19% Click Here for 150+ Global Oil Prices Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Discussion Headlines 2 hours Brazil Becomes One Of China’s Top Oil Suppliers 2 hours UK Armed Forces Storm Oil Tanker After Suspected Hijacking 3 hours Cenovus Buys Husky To Create New Canadian Oil Giant 3 days More Libyan Oil Set To Return To Market As Factions Sign Ceasefire 3 days Argentina To Subsidize Shale Gas Production With $5.1 Billion 3 days France Delays U.S. LNG Deal On Environmental Concerns 3 days Oil Blockades Cost Libya $130 Billion, Finance Minister Says 3 days Nigerian Protests Haven’t Disrupted Oil Industry Yet 3 days Iranian Tankers Hide In Iraqi Waters To Ship Oil Abroad 4 days OPEC+ Production Cuts Could Be Extended: Putin 4 days Canada’s Oil Prices To Rise As Mexican Heavy Crude Supply Falls 4 days Iraq’s Kurdistan Region Says It Is Committed To OPEC+ Cuts 4 days Chinese Energy Giant CNOOC Reports Major Drop In Revenue 4 days Exxon Expected To Announce North America Redundancies Soon 5 days Western Canada Oil Production Rebounds As U.S. Oil Stagnates 5 days NASA, Energy Department Boost Cooperation In Space Projects 5 days Will Q3 Earnings End Tesla Shares’ Longest Losing Streak Since March? 5 days Brazil’s Oil Giant Petrobras Raises Production Forecast 5 days Suncor May Sell Stake In North Sea Oilfields 5 days China’s Pollution Effort Falls Short Of Expectations 5 days U.S. Broadens Sanctions On Russia-Led Nord Stream 2 Pipeline 6 days Surprise Crude Build Sends WTI Prices Down 6 days Iraq Sees Oil Prices Recovering In Q2 2021 6 days Russian Lukoil Looks To Boost Its Oil Production In Iraq 6 days Nigeria Repays Dues To Oil Majors 6 days Oil Price Crash Crushes New Mexico’s Budget 6 days Poland Strikes $18 Billion Nuclear Power Deal With U.S. 6 days Alberta Gives Oil Industry Much-Needed Tax Break 7 days OPEC Meeting Ends Without Firm Decision On Output Cuts 7 days ConocoPhillips Becomes First Major U.S. Oil Firm To Pledge Emission Cuts 7 days Iran Boots Out India From Huge Gas Field Development 7 days Japan Set To Release Radioactive Fukushima Water Into The Sea 7 days Judge Rules In Favor Of PDVSA In Citgo Bond Dispute 10 days Schlumberger Books Third Loss This Year As Oil Crisis Bites 10 days Dakota Access Oil Pipeline Clears Hurdle To Doubling Capacity 10 days Argentina Looks To Attract $5B Investment To Boost Shale Gas Production 10 days Canada Government Invests In Mini Nuclear Reactors 10 days Libya’s Oil Production Jumps To 500,000 Bpd After Biggest Field Restarts 10 days South Sudan Oil Output Drops 11 days Alberta To Restart Oil Lease Sales Despite Crisis 2 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO 10 minutes America Could Go Fully Electric Right Now 4 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None ! 58 mins Clean Energy Is Canceling Gas Plants 22 hours GAME CHANGER: MIT Startup Commonwealth Fusion says Commercial Product by early 2030s ! THIS CHANGES EVERYTHING.. 19 mins Rethinking election outcomes for oil. 3 hours The Leslie Stahl/60 Minutes Interview with President Trump 8 hours Australia’s Commodities Heartland Set for Major Hydrogen Plant 21 hours OP article : «Trump blasts Biden Fracking Plan . . . » 2 days America’s Frontline Doctors – Safely Start Living Again! 2 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM’s reporting hence 12 hours Video Evidence that the CCP controls Joe Biden 24 hours Biden denies fracking ban 2 days Is the coal industry on the way out? 2 days «COVID Kills Another Oil Rally» by Tom Kool 10/16/2020 3 days Conoco Pledges ‘Net-Zero’ Emissions in Break With U.S. Rivals Breaking News: OPEC Chief Sees Still Anemic Oil Demand Recovery

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Share Facebook Twitter Google + Linkedin Reddit Related News Oil Blockades Cost Libya $130 Billion, Finance Minister Says Nigerian Protests Haven’t Disrupted Oil Industry Yet Iranian Tankers Hide In Iraqi Waters To Ship Oil Abroad OPEC+ Production Cuts Could Be Extended: Putin Canada’s Oil Prices To Rise As Mexican Heavy Crude Supply Falls OPEC Chief Sees Still Anemic Oil Demand Recovery By Charles Kennedy – Oct 26, 2020, 1:30 PM CDT Global economic and oil demand recovery is still anemic, OPEC Secretary General Mohammad Barkindo said on Monday, but noted that the cartel doesn’t see another plunge in demand like in the second quarter.

«We do not expect a relapse to the massive contraction that we saw in the second quarter,» Barkindo said at the virtual 2020 India Energy Forum by CERAWeek on Monday.   

«We remain cautiously optimistic that the recovery will continue. It may take longer, maybe at lower levels, but we are determined to stay the course,» OPEC’s chief said.

The market is increasingly concerned about the pace of demand recovery as the second coronavirus wave is sweeping through the U.S. and Europe. Additional supply out of Libya and the OPEC+ plan to ease the cuts by another 2 million barrels per day (bpd) as of January 2021 have put more pressure on oil prices in recent weeks.

«We are determined to assist the market to restore stability by ensuring that the stock drawdowns continue in order to restore the supply-demand balance,» OPEC’s Barkindo said today, while speculation is growing whether the group would delay the easing of the cuts by several months until global oil demand shows positive trends.

Earlier this month, Barkindo sought to assure the oil market that the OPEC+ group would look to ensure that prices do not plummet again as they did in the spring. Keeping market stability is the top priority of the OPEC+ agreement, but «We have no illusions this recovery will take a long time,» Barkindo  said on the Energy Intelligence Forum.

Early on Monday, at 9:30 a.m. EDT, oil prices were down by around 2 percent, with the WTI Crude price trading just below $39 a barrel amid concerns about both demand and supply. On the demand side, the second wave continues to weigh on the prospects of oil demand recovery, while the return of Libyan oil is bearish for oil supply. These developments have increased market talk and speculation that OPEC+ could be forced to postpone the planned easing of the cuts.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

U.S. And Canadian Oil Rig Counts Continue To Rebound

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North American Oil And Gas Bankruptcy Debt Has Hit An All-Time High

Join the discussion |

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