OPEC’s Barkindo: Oil stocks to fall further

OPEC and its allies (OPEC+) expect oil stockpiles to fall further in the coming months, OPEC's Secretary-General Mohammad Barkindo said in a virtual appearance at the Nigeria International Petroleum Summit.

Key quotes

"We expect to see further drawdowns in the months ahead.”

"The market has continued to react positively to the decisions we took, including the upward adjustments of production levels beginning in May this year.”

“Vaccine rollouts and the "massive fiscal stimulus" aided an upbeat outlook.”

“Uneven global vaccine availability, high inflation and continued COVID-19 outbreaks were continued risks to oil demand.”

"We encourage all our member countries to continue to invest in renewables but also to continue to meet the demand for hydrocarbons.”