OPEC’s Deteriorating View… Bloomberg – Commodity Research Group

October 15, 2020 by Jim Colburn Leave a Comment

Julian Lee, Bloomberg, has an excellent piece on OPEC’s (and the EIA and IEA) deteriorating view of the oil market here… Note that CRG’s own Andy Lebow has been pointing out the over optimistic view of the three agencies especially in demand expectations… Here is Julian Lee:

”The world now needs anywhere between about 600,000 and 2.2 million barrels a day less crude from OPEC countries through the end of 2021 to balance supply and demand than was thought necessary three months ago, according to the latest monthly reports from OPEC, the International Energy Agency and the U.S. Energy Information Administration. Of the three, OPEC is the most pessimistic.”

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