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Friday, December 13, 2019 21:25 GMT

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OPEC Sees Small 2020 Oil Deficit Even Before Latest Supply Cut

published:12/12/2019 09:46 GMT

OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously thought. In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next year. OPEC pumped less oil in November than the average 2020 requirement, having in previous months supplied more. The report retreats further from OPEC’s initial...More


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