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

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.

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