Oil (ICYMI) – OPEC sees new oil surplus in 2020 (cut ze output!)

Oil (ICYMI) – OPEC sees new oil surplus in 2020 (cut ze output!) Author: Eamonn Sheridan | Category: News

  • share

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

error: Content is protected !!