OPEC+ Sees Strong Oil Recovery Clouded by India Virus Surge
- Inventory surplus seen almost gone by end of this quarter
- Covid outbreaks may curb projected demand growth: delegates
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OPEC and its allies projected a strong recovery in global oil demand this year, but the outlook was clouded by a raging virus outbreak in India just days before the group’s next meeting.
A committee of technical experts from the group forecast that world oil consumption will rebound by 6 million barrels a day this year, according to delegates who attended the panel on Monday. Most of the fuel inventory glut accumulated during the pandemic will have dissipated by the end of this quarter, they estimated.