{"id":27381,"date":"2021-01-04T09:27:39","date_gmt":"2021-01-04T08:27:39","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=27381"},"modified":"2021-10-07T00:23:52","modified_gmt":"2021-10-07T00:23:52","slug":"opec-sees-oil-outlook-for-1st-half-of-2021-full-of-downside-risks","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/opec-sees-oil-outlook-for-1st-half-of-2021-full-of-downside-risks\/","title":{"rendered":"OPEC sees oil outlook for 1st half of 2021 full of downside risks"},"content":{"rendered":"<p><strong>By Reuters<\/strong><\/p>\n\n\n<p>The Organisation of the Petroleum Exporting Countries (OPEC) sees plenty of downside risks for oil markets in the first half of 2021, Mohammad Barkindo, its Secretary-General said on Sunday.<\/p>\n\n\n<p>Barkindo\u2019s remark is coming a day before meeting allies, led by Russia, to discuss output levels for February.<\/p>\n\n\n<p>\u201cAmid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle,\u2019\u2019 he said.<\/p>\n\n\n<p>He was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC.<\/p>\n\n\n<p>OPEC+ will meet on Monday.<\/p>\n\n\n<p>In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the two million bpd gradual rise this year but some members have questioned the need for a further boost due to spreading coronavirus infections.<\/p>\n\n\n<p>\u201cGiven 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,\u2019\u2019 said Amrita Sen, co-founder of Energy Aspects think-tank.<\/p>\n\n\n<p>OPEC\u2019s leader, Saudi Arabia, has suggested a more cautious approach during previous meetings while OPEC member the United Arab Emirates and non-OPEC Russia have said they prefer a speedier increase.<\/p>\n\n\n<p>\u201cCurbs on social and economic activity remain in place in a number of countries, and there is concern about the emergence of a pernicious new strain of the virus,\u2019\u2019 Barkindo remarked.<\/p>\n\n\n<p>He said the global economy could strongly rebound in the second half of 2021 but sectors such as travel, tourism, leisure and hospitality could take years to reach pre-virus levels.<\/p>\n\n\n<p>OPEC+ was forced to cut production by a record amount in 2020 as global lockdown measures hammered fuel demand.<\/p>\n\n\n<p>OPEC+ first cut output by 9.7 million bpd, then eased cuts to 7.7 million and ultimately to 7.2 million from January.<\/p>\n\n\n<p>Barkindo said OPEC now expected global oil demand to be led by developing countries and to rise to 95.9 million bpd in 2021, or by 5.9 million bpd from 2020.<\/p>\n\n\n<p>This is as the global economy is forecast to grow by 4.4 per cent.<\/p>\n\n\n<p>Even though the development of coronavirus vaccines have sparked market optimism, the rise in demand would still fail to bring consumption to pre-pandemic levels of around 100 million bpd.<\/p>\n\n\n<p>OPEC\u2019s latest December forecast was lower than the previous forecast of a 6.25 million bpd rise in 2021 because of the lingering impact of the coronavirus pandemic.<\/p>\n\n\n<p>Brent oil prices ended 2020 above $50 per barrel \u2013 more than a fifth down year-on-year but more than doubling from April\u2019s lows as producers cut output and as the U.S. and the European Union approved trillions in stimulus packages.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-27381\" data-postid=\"27381\" class=\"themify_builder_content themify_builder_content-27381 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>By Reuters The Organisation of the Petroleum Exporting Countries (OPEC) sees plenty of downside risks for oil markets in the first half of 2021, Mohammad Barkindo, its Secretary-General said on Sunday. Barkindo\u2019s remark is coming a day before meeting allies, led by Russia, to discuss output levels for February. \u201cAmid the hopeful signs, the outlook [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126],"tags":[20],"class_list":["post-27381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-and-industry","tag-opec","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OPEC sees oil outlook for 1st half of 2021 full of downside risks - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/opec-sees-oil-outlook-for-1st-half-of-2021-full-of-downside-risks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC sees oil outlook for 1st half of 2021 full of downside risks - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Reuters The Organisation of the Petroleum Exporting Countries (OPEC) sees plenty of downside risks for oil markets in the first half of 2021, Mohammad Barkindo, its Secretary-General said on Sunday. 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