OPEC committee expects oil oversupply to inflate due to withdrawal from reserves By Reuters

OPEC committee expects oil oversupply to inflate due to withdrawal from reserves By Reuters
OPEC committee expects oil oversupply to inflate due to withdrawal from reserves By Reuters

© Reuters. A model of an oil pump with the OPEC logo in the background. Photo from the Reuters archive.

(Reuters) – Bloomberg reported on Wednesday, citing an unidentified document, that the advisory body of the Organization of the Petroleum Exporting Countries (OPEC) expects that the release of oil stocks by the United States and other crude-consuming countries will increase an expected global surplus of oil at the beginning of next year.

Bloomberg reported that the Council of the OPEC Economic Committee expects the surplus in global markets to grow by 1.1 million barrels per day to 2.3 million barrels per day in January and to 3.7 million barrels per day in February if consuming countries fulfill their promises to withdraw from the reserves during these two months.

The United States said on Tuesday it would release 50 million barrels of oil from strategic reserves in coordination with similar releases from China, India, South Korea, Japan and Britain in a bid to cool prices after OPEC+ ignored calls to pump more.

Bloomberg said that some delegations from OPEC and its partners indicated that they may cancel a production increase scheduled in January if stocks released by the United States and other countries flood the market.

OPEC did not immediately respond to a request for comment.

(Prepared by Doaa Muhammad for the Arabic Bulletin)

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.

Source

OPEC committee expects oil oversupply inflate due withdrawal reserves Reuters

 
For Latest Updates Follow us on Google News
 

PREV US oil stocks fell by 900 thousand barrels
NEXT Watch: 110: 112 Dramatic for Brooklyn over the Knicks