September 28, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Serious deficit on oil market unlikely, says Russian energy ministry

TYUMEN, September 15. /TASS/. The Russian Energy Ministry does not expect a serious deficit on the oil market, including due to the hurricane in the Gulf of Mexico, Deputy Minister Pavel Sorokin told reporters on the sidelines of the Tyumen Oil and Gas Forum, adding that the OPEC+ decision on a quicker output increase is sufficient so far.

“The projections that we provided within the framework of the technical committee, within the [OPEC+] ministerial committee, the projections saying that in coming months there will be deficit on the market, are confirmed, remain. Indeed, fluctuations happen. But it was decided to boost (oil production – TASS) quicker than scheduled particularly to avoid deficit,” he said when asked whether a serious deficit is likely on the oil market due to Hurricane Ida that swept through in the US.

Earlier, OPEC downgraded its outlook for 2021 on oil supply from non-OPEC states by 170,000 barrels per day, including due to Hurricane Ida in the US, according to its September report.

The outlook was revised mainly due to supply expectations in Q3 2021, in which oil supply may be 500,000 barrels per day lower than expected.

Share This :