OPEC Likely to Maintain the Production Cut Amid Anticipated Weak Demand in 2020

  • Nov 16, 2019 AEDT
  • Team Kalkine

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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