MOSCOW (Pakistan Point News / Sputnik - 27th September, 2020) The surplus commercial oil stocks of the Organisation for Economic Co-operation and Development (OECD) member states will fall below the target level of a five-year average by the second quarter of next year, OPEC Secretary General Mohammad Sanusi Barkindo said at the G20 Energy Ministerial Meeting on Sunday.
"The expected supply/demand balance would result in OECD commercial stocks standing well above the latest five-year average in 3Q20. However, stocks would then fall in 4Q20, to stand around 123 mb above the latest five-year average," Barkindo said via video conferencing.
"For 2021, OECD commercial stocks are expected to stand slightly above the latest five-year average in 1Q21, then to fall below the latest five-year average over the remainder of 2021," the OPEC chief added.
