On Sunday, the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohammad Barkindo expected that the commercial oil stockpiles in Organization for Economic Co-operation and Development (OECD) countries would be slightly above the five-year average in the first quarter of 2021.
He added that likely after that, the level would fall for the rest of the year.
The supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in the third quarter of the year 2020 but then in the fourth quarter, stocks would fall to roughly 123 million barrels above the latest five-year average.
