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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Reuters: High oil inventories prompt OPEC+ to maintain cuts

    Rocky
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    Reuters: High oil inventories prompt OPEC+ to maintain cuts Empty Reuters: High oil inventories prompt OPEC+ to maintain cuts

    Post by Rocky Thu May 30, 2024 6:10 am

    Reuters: High oil inventories prompt OPEC+ to maintain cuts

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    Economy News - follow up
    OPEC+ delegates and analysts said that the rise in global oil inventories until April as a result of weak demand for fuel would strengthen the justifications for the group’s members to maintain supply cuts at the June 2 meeting, according to Reuters.
    OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, meets on Sunday to discuss supply policy and the decision to extend voluntary cuts.
    OPEC+ sources said earlier this month that producers may maintain production cuts.
    Oil stocks in major consuming countries vary according to supply and demand, which is a basic indicator in the oil sector, along with other indicators, including the strength of the actual crude oil markets.
    Preliminary data contained in the May oil market report issued by OPEC showed that oil stocks in OECD countries amounted to 2.79 billion barrels in March, an increase of 20 million barrels on a monthly basis and about 34 million barrels on an annual basis despite the OPEC+ cuts.
    At the same time, the International Energy Agency stated in its May report that total global inventories rose in March by the equivalent of 34.6 million barrels compared to February, indicating a sharp rise in floating oil inventories.
    The International Energy Agency indicated that there are indications that stocks will rise again in April, with the unloading of crude oil and fuel from tankers and a decrease in exports from Russia and North and South America.
    A second OPEC+ delegate said, according to Reuters: “The physical market is well supplied while demand is slowing.”
    The International Energy Agency stated that the inventories of non-members of the Organization for Economic Cooperation and Development rose in March for the first time since November. It also indicated that, in contrast to OPEC, the inventories of the Organization’s countries are at their lowest levels in 20 years.
    The International Energy Agency reported, citing data from Kairos, a consulting firm for energy data analysis, that crude inventories outside the Organization for Economic Cooperation and Development increased by two million barrels in March and about 48.5 million barrels in April, adding that most of the increase occurred in China.
    “I see that OPEC+ is unlikely to increase oil supply until there are clear signs of a drawdown in inventories,” said Tamas Varga of oil brokerage BVM.


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