Oil Trader Says Market Can’t Handle OPEC Production Increase
- Oil stocks are building in September, says CEO Dunand
- Stocks will draw just 1 million barrels a day in 4Q: Mercuria
Photographer: Andrey Rudakov/Bloomberg
This article is for subscribers only.
Global oil markets won’t be able to absorb planned production increases by OPEC+ members as demand remains weaker than expected, said the head of commodities trader Mercuria Energy Group.
Oil stockpiles have been building in September and won’t draw down enough in the remainder of the year to be in balance if the cartel follows through with its plan to taper production cuts early next year, Marco Dunand, Mercuria’s co-founder and chief executive, said in an interview.