November 29, 2022

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OPEC warns of plans to divest global oil stocks

© Reuters. OPEC warns of plans to divest global oil stocks

Arabictrader.com – The Council of Economic Panels of the Organization of the Petroleum Exporting Countries (OPEC +) is meeting ahead of a meeting of OPEC + ministers this week to decide on production, according to news reports on Thursday. Positions in January.

The OPEC Economic Council has warned that the departure of key consumers from strategic oil stocks could lead to a significant increase in global crude oil surplus in the next few months.

According to an OPEC source press release, the council expects the withdrawal of oil stocks to increase the oil supply surplus by about 1.1 million barrels a day.

The council expects an oil supply surplus of about 400,000 barrels a day next December, which will reach about 2.3 million barrels a day in January and about 3.7 million in February. Countries.

In a statement issued by the White House on Tuesday, the US president announced that he had decided to release US strategic oil reserves estimated at about 50 million barrels within three months. High oil prices.

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