OPEC+ forecasts shortage of oil reserves in developed countries after July

According to the report of the technical committee of the OPEC+ countries, commercial oil reserves of the OECD countries, which are one of the benchmarks of the deal to cut production by OPEC + countries, will go into a deficit from the third quarter, according to the report of the technical committee of the OPEC+ countries.

Report informs citing TASS that the experts of the committee met in video communication format on Monday.

Taking into account the decisions of OPEC+ to restore oil production by more than 2 million barrels per day during May-July, the baseline scenario assumes that in the second quarter of this year, OECD oil reserves will be in excess of only 1 million barrels relative to the average for 2015- 2019 level. At the same time, already in the third quarter, their level will be 71 million barrels in deficit, which will reach 109 million barrels in the fourth quarter.

In an alternative scenario, which assumes that demand will recover at a rate slower than 6 million barrels per day, the commercial oil reserves of the OECD will be 9 and 37 million barrels (in the third and fourth quarters, respectively) higher than the average level for 2015-2019.