Rystad: With OPEC+ ready to unleash extra barrels, oil prices could fall into low $20s

Oil prices could fall into the low $20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months. OPEC+ countries are locked and loaded to add between 1.5 million and 2.5 million barrels per day (bpd), which Rystad estimates is their realistic short-term capability.

After the breakdown in OPEC+ negotiations and subsequent oil price free-fall, Saudi Arabia and the UAE have both signaled their intention to flood the market with additional oil production starting next month, Rystad said in a report released on Wednesday.

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