MOSCOW/LONDON:OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February.
“Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle,” said OPEC Secretary General Mohammad Barkindo.
He was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC.
OPEC+ will meet on Monday.
In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd gradual rise this year but some members have questioned the need for a further boost due to spreading coronavirus
“Given fundamentals are weakening, it would be prudent for OPEC+ to hold output steady and there is a preference among some of the biggest producers to hold production flat,” said Amrita Sen, co-founder of Energy…