Opec tightens outlook for global oil markets
Huge glut that piled up when demand crashed during the pandemic will be mostly gone by end-June
31 May 2021 - 17:03
Oil cartel Opec tightened its outlook for global oil markets, forecasting that inventories will fall sharply over the rest of 2021 if the group and its allies do not raise production further.
The group, assessing the market before ministers meet on Tuesday, expects that the surplus in oil inventories will be mostly gone by the end of June, according to a document seen by Bloomberg. Stockpiles will decline by at least 2-million barrels a day from September through December...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.