OPEC EXEC SAYS CARTEL READY TO HIKE OIL OUTPUT

OPEC and its allies, led by Russia, stand ready to adjust their plans for a gradual increase in oil output by 2 million barrels per day in the succeeding months depending on market conditions, OPEC Secretary General Mohammad Barkindo said.

Barkindo spoke 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 to decide output policies for February.

Barkindo also said OPEC now expected global crude oil demand to rise to 95.9 million barrels per day (bpd) in 2021, or by 5.9 million bpd from 2020.

OPEC’s latest December forecast was lower than the previous forecast of a 6.25 million bpd rise because of the lingering impact of the coronavirus pandemic, Vladimir Soldatkin and Alex Lawler reported for Reuters.

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