ABU DHABI, Nov 16 - OPEC Secretary General Mohammad Barkindo said on Tuesday he expects a crude oil supply surplus in the coming months and a market will continue to be oversupplied next year.
"The surplus is already starting in December. These are signals that we must be very, very careful," he said.
Last week the Petroleum Exporting Countries lowered the Global Oil Supply forecast for the fourth quarter by 330,000 barrels per day (bpd) from last month's forecast as an result of a disastrous economic crisis.
As supplies are expected to rise, fear of falling demand comes as demand is expected to rise.
The oil rebounded from a weak start on Tuesday as concerns over tight inventories supported price, but optimism was limited by fears of demand following a pickup in the COVID-19 case in Europe.
OPEC has a vested interest in ensuring global economic recovery continues, Barkindo said while speaking on the sidelines of a summit in Abu Dhabi to reporters.