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OPEC experts meet as rising oil prices mask demand worries

Published 02/02/2021, 14:07
Updated 02/02/2021, 14:12

LONDON, Feb 2 (Reuters) - OPEC+ experts were holding a
virtual meeting on Tuesday as a rise in oil prices to their
highest in almost a year masked persistent concerns about a
recovery in oil demand.
The Joint Technical Committee began its meeting at about
1200 GMT and is reviewing the demand outlook and countries'
compliance with agreed output cuts. A ministerial panel meets to
review the market on Wednesday.
Oil has rallied from historic lows reached last year as
demand collapsed due to the pandemic thanks to record OPEC+
output cuts. On Tuesday, crude hit the highest in almost a year
close to $58 a barrel.
"A positive start," said one OPEC delegate. "The group wants
a quick meeting with a positive agenda."
But there is concern about the pace of demand recovery. OPEC
has repeatedly lowered its forecast of this year's oil demand
recovery as the impact of the pandemic lingers. OPEC/M
The JTC meeting and the ministerial gathering on Wednesday
are not expected to recommend any adjustments to oil output
policy, two OPEC sources said.

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