Rystad sees supply glut ahead after second wave of Covid-19 and more OPEC oil hit the market

The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals.

The analysis is based on the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion of the Covid-19 pandemic in key markets, or what we call a mild second wave of the virus.

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