OPEC Secretary General: Oil Not Out Of the Woods Just Yet

The oil markets are not “out of the woods” just yet, OPEC’s Secretary General Mohammad Barkindo told a virtual panel organized by the Canada-UAE Business Council, cited by The National. The UAE’s Energy Minister Suhail Al Mazrouei, also on the panel, echoed the sentiment, saying that the oil industry was “still in the woods.” The sober statement comes even as OPEC has taken unprecedented action to draw down global oil inventories. “One of the major concerns of the industry was that as a result of the double…