OPEC: the oil market will record a surplus in 2020
15:27 - 22/08/2019
Information / Follow-up…
The Organization of the Petroleum Exporting Countries (OPEC) has announced a pessimistic forecast for oil for the remainder of 2019, in light of the intensifying trade war between the United States and China, and the exit of Britain from the European Union.
OPEC cut its forecast for oil demand growth in 2019 to 1.10 million barrels per day, and the Organization of Petroleum Exporting Countries (OPEC) said in its report that the oil market is expected to post a slight surplus in 2020.
With regard to production, the report pointed out that the organization's production fell in July for the eighth consecutive month, reflecting the organization's efforts to support oil prices.
According to the report, OPEC production rate fell to 29.61 million barrels per day, a decline of 246 thousand barrels per day, which means that the proportion of member states commitment to the agreement to reduce production "OPEC +" of 144%.
Oil markets are cautious under the OPEC report, and other reports warn of a global economic slowdown, partly due to the raging trade war between Beijing and Washington. Finished 25 h