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More new coronavirus cases starting to emerge in Europe

  
  Analysis
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Austria and Croatia confirms their first cases

The state of Tyrol in Austria has confirmed two positive cases of the new coronavirus, while Croatian prime minister Andrej Plenkovic confirms that the country also has its first case of the new coronavirus infection.

Meanwhile, Spain has also confirmed that it is testing hundreds of tourists in the Canary Islands after one new coronavirus case was identified – the case pertains to an Italian doctor staying in a hotel there, with the hotel now in lockdown mode.

OPEC expects the oil market to be balanced in 2020 if it maintains current production levels

  
Analysis, Crude
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This according to data presented in Vienna to the bloc’s Economic Commission Board this week

OPEC

According to delegates, it shows that an oil supply surplus in 1H 2020 will be mostly offset by a deficit in 2H 2020. As such, the bloc sees that the oil market will be balanced next year and that puts them on course to stick with the current set of output cuts.

Do be reminded that OPEC will be meeting next week to finalise their decision but the expectation is for them to maintain the existing output cuts (due to expiry in March 2020) into the latter stages of next year.
The report by Bloomberg above only serves to reaffirm that notion with a mention that the bloc’s secretariat did not examine the prospect of deeper cuts.
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