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OPEC Chief Optimistic That the Worst of Oil Crisis is Over

  • Barkindo says market is starting to show encouraging signs
  • The second half of the year looks much more positive
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WATCH: OPEC's Barkindo discusses the implementation of the group's agreed production cuts and the outlook for global oil demand.(Source: Bloomberg)

OPEC is cautiously optimistic that the worst of the oil crisis triggered by the coronavirus pandemic is over, said the group’s top official.

The outlook for the market in the second half of the year is starting to look more encouraging as the global economy recovers, said Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries. The cartel and its allies are rapidly implementing their production cuts, he said.