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At
the moment, however, the oil market is in a deficit and stocks
are declining "at a fast rate", Toril Bosoni said on the
sidelines of a conference in Oslo.
"Global oil stocks are at low levels, which means that you risk
increased volatility if there are surprises on either the demand
side or the supply side," she added.
OPEC+ is set to consider whether to make additional oil supply
cuts when the group meets later this month, three OPEC+ sources
have told Reuters after prices dropped by some 16% since late
September.
Oil has slid to around $82 a barrel for Brent crude from a 2023
high in September of near $98. Concern about demand and a
possible surplus next year has pressured prices, despite support
from the OPEC+ cuts and conflict in the Middle East.
Saudi Arabia, Russia and other members of OPEC+ have already
pledged total oil output cuts of 5.16 million barrels per day
(bpd), or about 5% of daily global demand, in a series of steps
that started in late 2022.
The cuts include 3.66 million bpd by OPEC+ and additional
voluntary cuts by Saudi Arabia and Russia.
At its last policy meeting in June, OPEC+ agreed on a broad deal
to limit supply into 2024 and Saudi Arabia pledged a voluntary
production cut for July of 1 million bpd that it has since
extended to last until the end of 2023.
Brent crude futures fell 34 cents, or 0.4%, to $81.98 a barrel
by 1134 GMT.
(Reporting by Nerijus Adomaitis, writing by Terje Solsvik,
editing by Gwladys Fouche)
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