OPEC secretary common says prepared to regulate oil output will increase

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© Reuters. OPEC Secretary General Barkindo delivers his speech in Vienna

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LONDON/MOSCOW (Reuters) – 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 next months depending on market conditions, OPEC Secretary General Mohammad Barkindo said on Sunday.

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 demand to rise to 95.9 million barrels per day 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.

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