ICYMI – OPEC chief Barkindo says the oil market will flip to surplus in December

OPEC Secretary General Mohammed Barkindo analysis of the oil market, he said that “The surplus is already beginning in December” 

Barkindo was speaking with media on the sidelines of the ADIPEC conference in Abu Dhabi, UAE. Barkindow was referring to data showing inventory building in recent weeks:

  • “These are just signals that we have to be very, very careful”
  • “The projections show throughout the quarters of next year that there could be oversupply in the market. This is also further evidence of why we should be very cautious, measured in the decisions we take every month.”

Barkindo’s comments echo those earlier from Saudi and UAE energy ministers, although they nominated early 2022 for a surplus, not in December:

OPEC Secretary General Mohammed Barkindo analysis of the oil market, he said that "The surplus is already beginning in December" 

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