OPEC Is Worried That Another COVID Wave Could Derail Oil Market Recovery

OPEC may have to play its market-rebalancing act longer than initially intended as it is afraid that a second coronavirus wave would slow oil demand recovery, Reuters reported on Thursday, quoting internal OPEC research it had seen. Should a second COVID-19 wave hit, countries may return to lockdown, derailing the oil demand recovery and stockpile drawdowns and prolonging the inventory glut, according to the research OPEC had prepared for yesterday’s meeting of an OPEC+ panel which recommended relaxing the record 9.7-million-bpd cuts as of…