The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo said, in remarks at the G20 Energy Ministers virtual meeting, the OECD commercial oil stocks could stay well above the five-year average in the third quarter of this year, courtesy of a potential market balance.
Key quotes
“The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020.”
“However, stocks would then fall in the fourth quarter 2020, to stand around 123 million barrels above the latest five-year average.”
Market reaction
WTI shrugs-off the weekend comments by the OPEC Chief, as coronavirus-induced fresh localized lockdowns re-ignite oil demand concerns.
The US oil posts small losses to trade just above $40 mark, at the time of writing.
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