Rystad Energy: All Eyes on Vienna

The OPEC + countries must cut 2019 supply growth by 1.5 million bpd if they want oil prices back above $70 next year.

US production at $50 WTI levels would remove only 0.4 million bpd of the looming 1.5 million bpd surplus in the balances that Rystad Energy forecasts for 2019 in a status quo scenario.

“We believe a cut announcement that effectively removes anything less than 1 million bpd of 2019 supply would be interpreted negatively by the market,” says Bjornar Tonhaugen, head of oil market research at Rystad Energy…

 

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