Muhammad Barkindo, Secretary-General of “OPEC”, expected that oil stocks in the Organization for Economic Cooperation and Development (OECD) countries will remain at the beginning of 2021 above the average in 5 years by a slight margin, to retreat below that level for the rest of the year.
“The expected balance between supply and demand will lead to the survival of stocks in the Organization for Economic Cooperation and Development during the third quarter of 2020 above the latest average in five years,” Barkindo said in a remote meeting of G20 energy ministers.
He added, “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.”
The level of oil stocks in the economies of the member states of the Organization for Economic Cooperation and Development is a major criterion in the policy of OPEC and its allies.
Source: Reuters
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