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OPEC's Barkindo sees OECD oil stocks below five-year average after first quarter of 2021

FILE PHOTO: OPEC Secretary General Mohammad Barkindo delivers his speech during the presentation of the World Oil Outlook in Vienna, Austria November 5, 2019. REUTERS/Leonhard Foeger/File Photo

DUBAI (Reuters) - Commercial oil inventories in OECD countries are expected to stand slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of the year, OPEC Secretary General Mohammad Barkindo said on Sunday.

The level of oil stockpiles in the developed OECD countries is a key benchmark for the policy of OPEC and its allies.

“The expected supply and demand balance would result in OECD commercial stocks standing well above the latest five-year average in Q3/2020,” Barkindo said in remarks at the G20 Energy Ministers virtual meeting.

“However, stocks would then fall in the fourth quarter 2020, to stand around 123 million barrels above the latest five-year average.”

Reporting by Rania El Gamal; editing by David Evans

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