Opec Effect : Oil producers that are part of the OPEC+ coalition have agreed to trim production to start 2020 in hopes of preventing oil prices from declining in the face of sluggish demand growth and rising supply.
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Opec Effect However the announced cuts of an extra 500,000 barrels per day (bringing total cuts to 1.7 million bpd) that OPEC+ plans to implement likely will not result in much, if any, oil actually coming off the market. Saudi Arabia and other producers will continue to fight an uphill battle to manage the market in 2020 and will extend production cuts through the end of 2020 — but no dramatic further cut in actual production is likely.
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Opec Effect
Opec Effect However the announced cuts of an extra 500,000 barrels per day (bringing total cuts to 1.7 million bpd) that OPEC+ plans to implement likely will not result in much, if any, oil actually coming off the market. Saudi Arabia and other producers will continue to fight an uphill battle to manage the market in 2020 and will extend production cuts through the end of 2020 — but no dramatic further cut in actual production is likely.
Source : Strafor | Bloomberg
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