OPEC Chief Optimistic the Worst of Oil Crisis Is Over

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, Bloomberg reported. 
The organization and its allies are rapidly implementing their production cuts, he said. “Here at OPEC we remain cautiously optimistic that the worst is behind us,” Barkindo said in a Bloomberg television interview from Vienna on Friday. 
“What we saw in April was extraordinary” but the group’s members “rose to the challenge.”
OPEC+ will look at all options when it meets again in June, Barkindo said. The 9.7 million barrels s a day of production cuts that started on May 1 are due to gradually taper after two months. It’s premature to say whether the group could decide to change this plan, he said.
OPEC will consider the state of the global economy, the strength of the recovery in oil demand and the status of the coronavirus pandemic in its discussions, Barkindo said.