Russian oil minister: Expects global oil market to fully restore in 2022

Comments from Novak:

• Russia is strictly complying with the OPEC+ deal
• Now it is important to keep global oil market balanced, to synchronise output and demand as the market rebounds
• OPEC+ fulfilled the task of removing surplus from the global oil market
• Sees global oil demand growing by 5.8-6 million barrels per day in 2021

OECD inventories are below the 5-year average now but an OPEC committee had this chart yesterday, showing that if plans to restore output in 2022 continue then there could quickly be oversupply.

Today's JMMC is at 10 am ET and the  OPEC+ meeting is an hour later. The chance of any change from the plan to add 400k bpd is low.

Oil is selling off at the moment:

Invest in yourself. See our forex education hub.

Subscription Confirmed!

Thank you for subscribing

Trade with Top Brokers

Must Read

Technical Analysis

Forex Orders

Central Banks

September 02, 2021 at 01:11AM
Adam Button
https://ift.tt/2Ybuy9L