Haitham Al Ghais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Tuesday that the cartel “sees oil demand rising in China by 500k “barrels per day) bpd this year.”

Additional quotes

“OPEC are cautiously optimistic about global economy.”

“OPEC are waiting to see what happens after China's new year holiday.”

“China's larger oil import quotas are a good sign.”

“OPEC are also eyeing the potential for a slowdown in Europe, US.”

“OPEC has to balance a growing Asia against a slowing West.”

“OPEC+ will do whatever it takes to keep the oil market stable.”

“OPEC now has greater spare production capacity.”

Market reaction

Amidst mixed comments from the OPEC Chief, the WTI price is reversing below the $80 mark, currently trading at $79.76. The US oil is still up 0.80% on the day.