The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo said, in remarks at the G20 Energy Ministers virtual meeting, the OECD commercial oil stocks could stay well above the five-year average in the third quarter of this year, courtesy of a potential market balance.
Key quotes
“The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020.”
“However, stocks would then fall in the fourth quarter 2020, to stand around 123 million barrels above the latest five-year average.”
Market reaction
WTI shrugs-off the weekend comments by the OPEC Chief, as coronavirus-induced fresh localized lockdowns re-ignite oil demand concerns.
The US oil posts small losses to trade just above $40 mark, at the time of writing.
إعادة نشر من FXStreet، جميع الحقوق محفوظة للمؤلف الأصلي.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن