Home/Newsfeed

OPEC anticipates oil oversupply in 2019

Share Print 0

The oil market looks poised to swing into oversupply next year as growing global crude output swamps shaky demand, a committee of allied producer nations said on Sunday.

The committee of several OPEC members and other crude exporters says a larger group of roughly two dozen nations may have to launch a fresh round of output cuts in order to keep the oil market balanced. The announcement comes as rising supply and a weaker outlook for demand have contributed to a sharp pullback in oil prices that has plunged U.S. crude into a bear market.

The committee’s communique sets up a potential agreement to throttle back production when the entire group meets next month.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
, , , ,
Back to Top