OPEC internal report sees oil stocks falling more in 2021

By Trend

OPEC expects oil inventories to drop by about 445 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting, Trend reports citing Reuters.

The figure is larger than the implied 2021 stock draw of 406 million barrels seen a month ago by OPEC in a similar report, showing deep supply curbs are reducing the supply overhang.

OPEC+ experts, the Joint Technical Committee, met on Tuesday ahead of a ministerial meeting on Thursday to decide oil output policy. The producers are withholding millions of barrels of daily supply to support the market.