OPEC+ fears second Covid-19 wave could lead to oil surplus in 2021

Topics OPEC | Oil demand | Coronavirus

OPEC and its allies fear a prolonged second wave of the Covid-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ producers, called the Joint Technical Committee, considered this worst-case scenario during a virtual monthly meeting on Thursday.

In September, the panel had not seen a surplus under any scenarios it considered. Such a surplus could threaten plans by.

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