OPEC's Barkindo sees OECD oil stocks below 5-year average after Q1 2021

DUBAI (Reuters) - Commercial oil inventories in OECD countries are expected to stand slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of the year, OPEC Secretary General Mohammad Barkindo said on Sunday. The level of oil stockpiles in the developed OECD countries is a key benchmark for the policy of OPEC and its allies.

Reuters September 28, 2020 00:05:48 IST
OPEC's Barkindo sees OECD oil stocks below 5-year average after Q1 2021

OPECs Barkindo sees OECD oil stocks below 5year average after Q1 2021

DUBAI (Reuters) - Commercial oil inventories in OECD countries are expected to stand slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of the year, OPEC Secretary General Mohammad Barkindo said on Sunday.

The level of oil stockpiles in the developed OECD countries is a key benchmark for the policy of OPEC and its allies.

"The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020," Barkindo said in remarks at the G20 Energy Ministers virtual meeting.

"However, stocks would then fall in the fourth quarter 2020, to stand around 123 million barrels above the latest five-year average."

(Reporting by Rania El Gamal; editing by David Evans)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.