‘Oil deficit in H1 if Opec keeps out­put limit’

New Straits Times - - Business -

LON­DON: Global oil in­ven­to­ries rose for the first time in Jan­uary as the mar­ket grap­pled with a swell in pro­duc­tion last year, but if Or­gan­i­sa­tion of the Petroleum Ex­port­ing Coun­tries (Opec) main­tains its out­put cuts, de­mand should over­take sup­ply in the first half of this year, the In­ter­na­tional En­ergy Agency (IEA) said yes­ter­day.

The IEA said in its monthly re­port that crude stocks in the world’s rich­est na­tions rose in Jan­uary by 48 mil­lion bar­rels to 3.03 bil­lion bar­rels.

If Opec main­tained its out­put cut of 1.2 mil­lion bar­rels per day (bpd) to June, the mar­ket could show an im­plied deficit of 500,000 bpd, it said. Reuters

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