OPEC issues a new warning about plans to withdraw from global...

OPEC issues a new warning about plans to withdraw from global oil stocks!
© Reuters. OPEC issues a new warning about plans to withdraw from global oil stocks!

Arabictrader.com – News reports said Thursday that the Council of the Economic Committee of the Organization of the Petroleum Exporting Countries, a team of experts advising ministers, met this week before the OPEC + ministerial meeting on the second of next December to decide on production levels during the month of January.

The OPEC Economic Council warned that the move by major consumers to withdraw from strategic oil stocks would lead to a significant increase in the global surplus of crude oil during the next few months.

An OPEC source said during press statements that the council expects the withdrawal of oil stocks to increase the oil supply surplus by about 1.1 million barrels per day.

The council also expected an oil supply surplus of about 400,000 barrels per day during next December, which may reach about 2.3 million barrels per day in January, and about 3.7 million in February, depending on the plans to withdraw from strategic oil stocks by the major countries.

It should be noted that the White House announced during a press release last Tuesday that the US President decided to release the strategic oil reserves of the United States of America, estimated at about 50 million barrels, within 3 months, to contribute to calming the current high oil prices.

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