Global Oil Market Surplus May Reach 14.7Mln Barrels Per Day In 2nd Quarter - OPEC Chief

Global oil market surplus in the second quarter may reach 14.7 million barrels per day, OPEC Secretary General Mohammad Barkindo said on Thursday

MOSCOW (UrduPoint News / Sputnik - 09th April, 2020) Global oil market surplus in the second quarter may reach 14.7 million barrels per day, OPEC Secretary General Mohammad Barkindo said on Thursday.

"Given the current unprecedented supply and demand imbalance there could be a colossal excess volume of 14.7 mb/d in the 2Q20," Barkindo said in his opening speech at the extraordinary OPEC+ ministerial meeting, whci was published on OPEC website.

OPEC estimates the decline in global oil demand amid coronavirus pandemic in 2020 at 6.8 million barrels per day, and the decline in the second quarter may be as large as 12 million barrels per day, Barkindo said.

"In early March, expected 2020 global oil demand growth was just below 0.1 mb/d. Today, we are looking at a contraction of 6.8 mb/d, with the second quarter alone close to 12 mb/d and expanding. These are staggering numbers! Unprecedented in modern times," he said.

Oil storages are quickly filling up, with just over 1 billion barrels of spare capacities left, he said.

If the current market situation remains unchanged, they may be all filled as early as in May, Barkindo added.