OPEC internal report sees oil stocks falling more in 2021

31 March 2021 12:32 (UTC+04:00)

By Trend

OPEC expects oil inventories to drop by about 445 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting, Trend reports citing Reuters.

The figure is larger than the implied 2021 stock draw of 406 million barrels seen a month ago by OPEC in a similar report, showing deep supply curbs are reducing the supply overhang.

OPEC+ experts, the Joint Technical Committee, met on Tuesday ahead of a ministerial meeting on Thursday to decide oil output policy. The producers are withholding millions of barrels of daily supply to support the market.

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