Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

OPEC chief, in upbeat oil outlook, sees oil stocks falling further

06/07/2021 | 09:08am EDT

LAGOS, June 7 (Reuters) - OPEC and its allies expect oil inventories to fall further in the coming months, OPEC's secretary general said on Monday, suggesting efforts by the producers to support the market are succeeding.

Oil stocks in developed world nations fell by 6.9 million barrels in April, Mohammad Barkindo said in a virtual appearance at the Nigeria International Petroleum Summit, 160 million barrels lower than the same time one year ago, making the figure public for the first time.

"We expect to see further drawdowns in the months ahead," he said.

The Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - decided in April to return 2.1 million barrels per day (bpd) to the market from May through July. The producers stuck to that decision at a meeting last week, sparking a rise in oil prices.

"The market has continued to react positively to the decisions we took, including the upward adjustments of production levels beginning in May this year," he said.

While he noted that vaccine rollouts and the "massive fiscal stimulus" aided an upbeat outlook, he said uneven global vaccine availability, high inflation and continued COVID-19 outbreaks were continued risks to oil demand.

OPEC+ complied with 114% of agreed output curbs in April, Barkindo said.

The group cut output by a record 9.7 million bpd last year as demand collapsed when the COVID-19 pandemic first struck. As of July, the curbs still in place will stand at 5.8 million bpd.

During a later panel discussion at the conference, he added that while OPEC did not deny climate change, the global economy still needs oil.

"We encourage all our member countries to continue to invest in renewables but also to continue to meet the demand for hydrocarbons," he said. (Reporting By Alex Lawler and Libby George; editing by David Evans, Kirsten Donovan)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INTERNATIONAL PETROLEUM CORPORATION -3.15% 5.85 Delayed Quote.114.95%
LONDON BRENT OIL -2.85% 70.28 Delayed Quote.41.61%
WTI -3.36% 68.042 Delayed Quote.48.11%
Latest news "Economy & Forex"
05:38pRobinhood shares surge 50%, as investors scoop up 'the meme of memes'
RE
05:35pUtilities Flat As Treasury Yields Remain Depressed -- Utilities Roundup
DJ
05:32pCommunications Services Up On Rotation To Growth Sectors -- Communications Services Roundup
DJ
05:27pREADOUT : Deputy Secretary of the Treasury Wally Adeyemo's Meeting with the Board of Directors of the National Bankers Association
PU
05:26pFinancials Down With Treasury Yields -- Financials Roundup
DJ
05:26pBrazil Central Bank Raises Benchmark Rate to 5.25%, Sees More Hikes -- Update
DJ
05:23pConsumer Cos Down After Weak ADP Jobs Report -- Consumer Roundup
DJ
05:16pUkraine court returns to state ownership tycoon's stake in titanium plant
RE
05:14pWilliams Companies to provide services for Whale deepwater project
RE
05:06pGuyana receives 15 bids from companies aiming to market govt crude
RE
Latest news "Economy & Forex"