24JUN2019 - NEWS - OPEC+ will not be able to increase output for the rest of 2019: Rystad

The OPEC+ countries will not be able to increase their collective oil production levels in the second half of 2019 without having a detrimental effect on oil prices, according to oil and gas intelligence firm Rystad Energy. However, Rystad stated that the production cuts required by OPEC+ in order to support prices need not be as much as 1.5mn bpd. This is contrary to what traditional supply-demand balances suggest, owing to a tight market for medium and heavy barrels and the rapidly approaching shipping fuel changes known as IMO 2020, which are expected to cause an increase in crude demand. The firm added that disappointing global demand and strong US production growth also weigh on OPEC+’s decision, which may be postponed to early July.

Published by Editor - www.Livebunkers.com at 24-Jun-2019 07:21:46 [UTC] , contact editor at editor@livebunkers.com