OPEC’s secretary-general said an oil market recovery may take longer than hoped as coronavirus infections rise around the world, and OPEC and its allies would “stay the course” in balancing the market

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said, adding that demand has been recovering more slowly than expected

“The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020,” Barkindo said in remarks at the G20 Energy Ministers virtual meeting

OPEC is encouraged by a rally in oil prices and strong adherence to its latest output cut, its secretary general said, although sources say the group has not ruled out further steps to support the market