OPEC warns against plan to sell global oil stocks

© Reuters. OPEC warns against plan to sell global oil stocks

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

OPEC’s Economic Council has warned that the departure of major consumers from strategic oil stocks could lead to a significant increase in the global crude oil surplus in the coming months.

According to an OPEC press release, the board expects the withdrawal of oil inventories to increase the excess oil supply by about 1.1 million barrels per day.

The council expects an oil supply surplus of about 400,000 barrels per day next December, rising to about 2.3 million barrels per day in January and about 3.7 million in February. Countries.

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

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Felix J. Dixon