Opec+ warns of oil glut after April 2022

ABU DHABI: DUBAI: An Opec+ panel has warned of "significant uncertainties" and the risk of an oil glut after April 2022, according to an internal report, building a case for extending the current deal that has maintained curbs on supply.

The panel, known as the Joint Technical Committee, sees an overhang of crude by the end of 2022 under different scenarios looking at supply and demand in the oil market, the report said.

The report showed that while the oil market was in deficit in the short term, a glut was on the horizon after Opec and its allies, a group known as Opec+, unwinds cuts that now stand at just under 6 million bpd from April next year.

Under a base scenario, inventories in OECD industrialised economies would stand at 96 million barrels below the 2015-2019 average for the third quarter and at 125 million barrels below that average in the fourth quarter, the report said.

"In 2022, a significant increase is seen, leading to an overhang of 181 million barrels by the end of the year," the report added.

Qatar Petroleum posts Q1 profit of $5bn

DUBAI: Qatar Petroleum (QP) has posted a profit of QR18.1 billion ($4.90 billion) in the first quarter of 2021, up from 13.3 billion riyals a year prior.

The 36 per cent rise in profit was despite revenue falling slightly to 24.3 billion riyals in the first quarter of 2021 from 24.5 billion riyals in the first quarter of 2020.Capital expenditure by QP, its subsidiaries and joint ventures through 2025 is projected at QR300 billion.

Meanwhile, the state-owned energy company has also started the sale of what could be the biggest emerging-market bond so far this year. QP may aim to raise around $10 billion.