Mohamed Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said today that oil stocks in the Organization for Economic Cooperation and Development countries are expected to remain in the first quarter of 2021 above their five-year average by a slight margin before falling below that level during the rest of the year.
The level of oil stocks in the economies of developed countries, members of the Organization for Economic Cooperation and Development, is a major criterion in the policy of OPEC and its allies.
“The expected balance between supply and demand will lead to the survival of OECD stocks during the third quarter of 2020 above the latest average in five years,” Barkindo said in a remote meeting of the G20 energy ministers.
“But stocks will then decline in the fourth quarter of 2020 to remain in the range of 123 million barrels, above the latest five-year average,” he added.
These were the details of the news OPEC: Oil inventories in advanced economies are below an average of... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.