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OPEC: Oil market to be more balanced in 2020 with current production levels

29.11.2019,12:06


November 29, Fineko/abc.az. OPEC expects the oil market to stabilize in 2020 if current production levels continue.

This OPEC forecast is considered as a hint that the cartel is going to keep current production restrictions at a meeting scheduled for next week.

The data presented to the OPEC Economic Commission show that the abundance of supply in the 1st half of 2020 is offset by a shortage of supply over the past 6 months.

It should be recalled that the Declaration on Cooperation signed on 7 December 2018 in connection with the daily cuts of OPEC+ oil production by 1.2 million barrels was extended from 1 July 2019 until the end of the 1st quarter of 2020.