Global Oil Stocks Will Balloon if OPEC Fails to Agree on Deeper Production Cuts

Without additional oil production cuts by OPEC in 2020, Rystad Energy forecasts a substantial build of global crude stocks and a corresponding drop in oil prices.

A showdown is taking place in Vienna as OPEC countries plus Russia will gather in the Austrian capital on December 5-6 to discuss oil output levels in 2020.

“We have a clear message to the OPEC+ countries: A ‘roll-over’ of the current production agreement is not enough to preserve a…


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