Julian Lee looks at the big three (OPEC, IEA, EIA) monthly oil reports, here…
“OPEC’s latest forecast shows global oil inventories falling at an average rate of almost 100,000 barrels a day over the course of this year assuming the December deal is implemented as agreed and runs through March. That rate of draining could hit 300,000 a day if the measure were to last throughout 2020. Even if the group fails to implement the deal in full, with output remaining at its December level, OPEC’s numbers show there would still be a small decline in global inventories this year.
The IEA and the EIA both have very different, and less-bullish, outlooks. Both see stockpiles continuing to build, even if the agreed output cuts were to be implemented fully and extended for the whole year.”
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