Rystad forecasts bleak outlook if OPEC+ fails to agree on deeper cuts

Barring additional oil production cuts by OPEC in 2020, Norwegian energy intelligence company, Rystad Energy, forecasts a substantial build of global crude stocks and a corresponding drop in oil prices.

A showdown is taking place in Vienna as OPEC countries plus Russia will gather in the Austrian capital on 5-6 December to discuss oil output levels in 2020.

“We have a clear message to the OPEC+ countries: A ‘roll-over’ of the current production agreement is not enough to preserve a balanced market and ensure a stable oil price environment in 2020,” says Bjørnar Tonhaugen, head of oil market research at Rystad Energy.

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