The global oil market is rebalancing after damage to demand wrought by the Covid-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries , the group's president said on Tuesday.
“However, due to the pandemic situation the world is living through and with new waves arriving, we could have a situation of smaller demand due to confinements. Vaccination of the global population against Covid-19 will certainly increase demand”. But Azevedo, Angola's minister of Mineral Resources and Petroleum, who occupies Opec's rotating presidency, warned that any worsening of the pandemic could lead producers to tamp down output.
Azevedo insisted that foreign interest in developing oil resources in Angola, Africa's second-biggest exporter, remains high after cratering oil prices briefly led a halt on oil drilling in the depths of the pandemic last year.