OPEC likely to maintain the supply curbs as the global oil market is under a surplus as compared to the demand.
- The consortium anticipates the global demand to plunge further in 2020, which coupled with higher production from other nations is building a strong case for the group to extend supply curbs.
- As per the OPEC’s estimation, the global crude oil demand would average 29.58 million barrels a day in 2020, down by 1.12 million barrels a day as compared to the estimated average demand of the present year.
- The estimation of fall in demand is likely to create a surplus of approx. 70,000 barrels per day in 2020– Says OPEC.
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