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OPEC demand outlook sees oil stocks falling in 2021: sources

Kitco News

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.

Reporting by Alex Lawler; Editing by David Goodman

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