© 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.
Explanation of the risks: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
These were the details of the news OPEC issues a new warning about plans to withdraw from global... 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.