DUBAI: Opec and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude output next year.
The report by an Opec+ panel, known as the Joint Technical Committee , said the rebound in global oil demand next year would be less than previously thought as the coronavirus second wave continues. If the reduction pact was extended to the end of June, OECD stocks would fall and stand only 21 million barrels above the five-year average next year, according to another scenario.
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