OPEC Says Oil Market Will Soon Be Over-Supplied: Adipec Update
Hardeep Singh Puri
Photographer: Konstantinos Tsakalidis/BloombergThis article is for subscribers only.
OPEC said the global oil market will switch from being under- to over-supplied as early as next month as the economic rebound from the coronavirus pandemic falters.
The group’s Secretary-General Mohammad Barkindo comments come in the shadow of U.S. politicians putting pressure on President Joe Biden to bring down gasoline prices, possibly by banning crude exports and releasing oil from the government’s strategic reserve. Biden’s next move has been a key topic in Abu Dhabi, where some of the world’s biggest oil and gas companies and many energy ministers are attending the Adipec conference.