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OPEC demand outlook sees oil stocks falling in 2021: sources

Published 03/02/2021, 09:42 AM
Updated 03/02/2021, 09:50 AM
© Reuters. A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture

LONDON (Reuters) - OPEC expects oil inventories to drop by about 400 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting on Tuesday, two OPEC+ sources said.

The figure, similar to the implied 2021 stock draw of 406 million barrels seen a month ago by OPEC, is part of what one of the OPEC sources called a "healthy" supply and demand balance for 2021.

OPEC+ experts, the Joint Technical Committee, are meeting on Tuesday ahead of a ministerial meeting on Thursday to decide oil output policy.

Latest comments

"healthy" for OPEC+, FATAL for Earth ??
Dont see Russia doing anything to meaningful reduce production until they reach their breakeven at $70 a barrel.
Russia has no breakeven at $70/barrel. Please share your source.
Yes this may be true until people start darting across the sky and pack those cruise ships again... which will be right around the corner. And then here comes the oil shortage and the ppb will skyrocket.....its all about money folks.
OR: WILL People choose LIFE instead ??
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