OPEC Secretary General Mohammad Barkindo told Tuesday's meeting of the Joint Technical Committee of OPEC+, an alliance made up of OPEC states, Russia and their allies. "The current 'wild card' factor is the 'Delta Variant' of the pandemic that is resulting in rising cases and renewed restrictions in many regions," he said in a speech, a copy of which was seen by Reuters.
The producer group is expected to gradually ramp up production in response to demand. "Barkindo's comments suggest that OPEC is not going to raise production quickly enough to keep up with demand," said Phil Flynn, senior analyst at Price Futures Group in Chicago.