Luanda – The chairperson of the Organisation of Petroleum Producing Countries (OPEC), Diamantino Azevedo, said today that he remained optimistic about world demand for oil, predicting growth of six million barrels per day (6 MB/D), in 2021, after the 9.3 MB/D decline recorded in 2020.

Diamantino Azevedo, who is also Angola’s Minister of Mineral Resources, Oil and Gas, made this statement at the opening of the 181st Meeting of the OPEC Conference, which is being held by video conference from Vienna, Austria.

“I am in the very fortunate position of opening this meeting of the OPEC Conference today at a time of growing hope and optimism,” he said.

In the seven months since the last OPEC Conference, Diamantino Azevedo said, the global economy has shifted from reverse to forward gear, looking at expected global growth of 5.5 per cent this year after contraction of 3.4 per cent in 2020.

OPEC’s latest Monthly Oil Market Report projects a strong recovery in oil demand in this second half of the year, putting it within ” stunning” distance in the fourth quarter.

For Diamantino Azevedo, the story of this improvement, in market prospects, would not be complete without acknowledging the “key” role played by the Declaration of Cooperation (DoC).

“Today begins the third month of the step-by-step upward production adjustments. Countries agreed to undertake in early April and the market continues to welcome these prudent and forward-looking steps to support sustainable stability which in turn provides backing for economic recovery,” he stressed.

Source: Angola Press News Agency