11/16/2021, 11:51 AM (Source: TeleTrader)
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Oil supply surplus expected in December - OPEC chair

Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo (pictured) stated on Tuesday that the group is expecting the supply of oil to see a surplus "already at the beginning of December."

Barkindo also warned that "there are signals we have to be very careful" due to the potential oversupply in the market that could be expected in 2022.

His comments follow United Arab Emirates Energy Minister Suhail Al Mazroui's prediction that the supplies of oil could exceed demand as soon as in the first quarter of 2022.

Baha Breaking the News (BBN) / JR