All eyes on OPEC as another oil glut looms ...News

Russia Today - News
All eyes on OPEC as another oil glut looms
source : Russia Today ( News ) () 121
As its semi-annual meeting nears, OPEC is facing increasing pressure to deepen its output cuts or face the possibility of much lower oil prices. Global oil supply could continue to rise at a rapid pace in 2020, surpassing the increase in demand. According to new figures from the International Energy Agency (IEA), non-OPEC supply could expand by a staggering 2.3 million barrels per day (mb/d), nearly double the expected increase in demand at 1.2 mb/d. That forecast doesn’t just depend on substantial growth from US shale (although it does), but also on expected increases from Brazil, Norway and Guyana. Also on

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