MOSCOW, December 23. /TASS/. Balances of oil products in storages of 15 EU member-states and Norway are at their highest level over the decade and the surplus offer will remain in the next year, Argus agency reports on Wednesday.
According to Euroilstock data, inventories amounted to 689 mln barrels, up 14% year-on-year. The indicator is maintained for the third month in succession, Argus noted.
Inventories of all oil products are above last-year figures in the environment of the COVID-19 pandemic and poor demand, Argus says. “Market players do not expect a significant increase in processing at refineries in December because of the effect of lockdown measures. The forecast is the worst for gasoline, whose volumes will remain in surplus in the next year also,” the agency says.
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