Oil producers pin hopes for massive cuts on unprecedented stocks purchases – ZAWYA

Oil producers pin hopes for massive cuts on unprecedented stocks purchases – ZAWYA

An unprecedented deal by oil producers to curb supply to match demand hollowed out by the coronavirus pandemic is set to depend partly on purchases by consumer countries for their strategic stocks on a scale not before seen.. Saudi Arabia's energy minister Prince Abdulaziz bin Salman said on Monday that oil purchases into reserves (SPRs) would reach 200 million barrels over the next couple of months, citing the IEA, while three OPEC+ sources said stocks purchases by IEA countries would reach around 3 million bpd in the next couple of months.. The United States - the world's biggest oil producer but an even bigger consumer - along with Japan and South Korea have said they could buy oil to replenish reserves.. Another associate member China has made no public comments, although traders have said Beijing has been actively buying oil into strategic stocks in March and April.. "South Korea has some 35 million barrels and Japan about 50 million barrels left, but this is including commercial storage..