OPEC internal report sees oil stocks falling more in 2021

FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger/File Photo

LONDON (Reuters) - OPEC expects oil inventories to drop by about 445 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting on Tuesday, according to a copy of the report seen by Reuters.

The figure is larger than the implied 2021 stock draw of 406 million barrels seen a month ago by OPEC in a similar report, showing deep supply curbs are reducing the supply overhang.

OPEC+ experts, the Joint Technical Committee, met on Tuesday ahead of a ministerial meeting on Thursday to decide oil output policy. The producers are withholding millions of barrels of daily supply to support the market.

Reporting by Reuters OPEC team, Writing by Alex Lawler; Editing by Chris Reese