Last Monday (26), the Secretary General of OPEC, Mohammad Barkindo, said that a recovery of the commodity market may take longer than expected, due to the increase in cases of coronavirus around the world.
The chief also said that OPEC and its allies will "stay the course" to balance the market. In April, the organization and allies such as Russia promoted a record cut in oil production in the face of the impacts of the pandemic on demand. Now, countries intend to raise pumping from January as part of a gradual easing to supply restrictions.
"We had hoped that the second half of 2020 would start to record a recovery," Barkindo said. "Unfortunately, both economic growth and demand recovery remain anemic at the moment, much due to the virus."
"We remain cautiously optimistic that the recovery will continue. It may take longer, maybe at lower levels, but we are determined to stay on course," Barkindo added.