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“The economic and oil demand recovery remain anemic,” the Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo noted on Monday, as reported by Reuters.

“We do not expect a relapse to massive contraction we saw in the second quarter,” Barkindo added. “The conformity level has averaged 100%, we are determined to continue adherence.”

Market reaction

Crude oil prices struggle to stage a meaningful rebound after these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $38.75, losing 2.4% on a daily basis.