OPEC still sees oil surplus in early 2020 ahead of meeting next month

OPEC comments in its latest monthly report

  • Signals that oil markets remain on course for a surplus in early 2020
  • Expects global supplies to exceed demand by about 645k bpd in 1H 2020
  • That is even if OPEC producers keep output at current levels
It could be a bit of a push to its other members to pursue deeper cuts next month, though so far many are disinterested in the idea. It’s going to be interesting to take stock of the oil outlook next year in light of recent supply/demand debate.