The Secretary-General of “OPEC” reveals his expectations for the oil markets


OPEC Secretary-General Muhammad Barkindo said today that OPEC and its allies expect a further decrease in oil stocks in the coming months, indicating the success of producers’ efforts to support the market.

Barkindo added, during his online participation in an oil summit, that oil stocks in the developed countries fell by 6.9 million barrels in April 2021, a decrease of 160 million barrels from the same period a year ago, which is the first announcement of this figure.

He noted that “further declines are expected in the coming months.”

In April 2021, OPEC and its allies, which is known as the “OPEC +” group, decided to return 2.1 million barrels per day to the market from May to July of this year. Producers adhered to this decision at a meeting last week, which pushed crude prices higher.

“The market has continued to react positively to the decisions we took, including the upward revision of production levels beginning in May of this year,” Barkindo said.

He pointed out that vaccination campaigns and “massive fiscal stimulus” contributed to the optimistic expectations, but added that the discrepancy in the availability of the vaccine globally, the high inflation rate and the continued outbreak of Covid-19 represent continuous risks to the demand for crude.

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