Russia And Saudi Arabia See Oil Oversupply In 2022

First or second quarter?

“Everybody is predicting a surplus of supply starting from the first or second quarter,” next year, Russian Deputy Energy Minister Pavel Sorokin told Bloomberg on the sidelines of this week’s oil industry even in Abu Dhabi. The only question is when exactly that surplus will take place—but the difference is only a few months, according to Sorokin.

“Inventories have stopped drawing, which shows there is no deficit at the moment,” Sorokin added. Russia took the opportunity to point fingers at the U.S. government, which has for weeks been accusing OPEC of refusing to increase production to ease gasoline prices at American fuel pumps.

According to Sorokin, the U.S. Federal Reserve’s policy has a much greater impact on the oil and gas market than the supply and demand situation.

https://oilprice.com/

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