Oil (ICYMI) – OPEC sees new oil surplus in 2020 (cut ze output!) Author: Eamonn Sheridan | Category: News
Just last week OPEC and pals confirmed production cuts would be extended
But US shale oil production is a spanner in the works for their cunning plan
- OPEC now estimates it's producing about 560,000 barrels a day more than will be needed next year
Citing US shale oil still being pumped up
- supplies from producers outside OPEC+ expected to grow by more than twice as much as global oil demand
Which will make it difficult for the cartel to hold prices up.Bummer.
via Bloomberg ForexLive