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OPEC expects crude surplus in December

OPEC

OPEC expects crude surplus in December

Abu Dhabi, Nov 17 (Prensa Latina) The Organization of the Petroleum Exporting Countries (OPEC) said that there might be a crude surplus in December, and urged to be cautious due to a possible slowdown in demand.
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In a press conference, OPEC Secretary General Mohammad Barkindo pointed out it is necessary to be “very cautious” when reviewing the production policy of the international organization next month.

The entity analyzes production cuts implemented in 2020 on a monthly basis and increases pumping at a monthly rate of 400,000 barrels per day.

Barkindo stressed that the projections by OPEC, the International Energy Agency and other sources, show that during quarters of next year there will be an excess supply in the market.

OPEC had previously estimated that demand would slow in 2022 and projected an increase in supply from competing producers like US oil shale companies.

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