Oil stocks surplus in developed OECD member countries has steeply declined to 74 million barrels above the five-year average in January from 340 million barrels in the same month last year, Reuters reported on Tuesday, citing Ayed Al Qahtani, OPEC’s head of research.

 

This is partially attributed to the OPEC-led deal to cut oil production, he added in an industry conference.

 

OPEC targets reducing oil inventories to the five-year average, although Saudi Arabia has hinted the target could be revised.

 

The oil cartel agreed to slash output by about 1.2 million barrels per day as part of a deal with Russia and other non-OPEC producers. The deal will remain valid until the end of this year.

 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request