OPEC Monthly Oil Market Report November 2019

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    The OPEC Monthly Oil Market Report (MOMR) for…



    IEA report on the oil market – Oil Glut To Grow

    Sees ‘hefty’ oil supply cushion building in 1H 2020

    Sees non-OPEC supplies increase by 2.3 mil bpd next year, almost twice the expansion in global oil demand. Up 100k bpd upgrade from its estimate last month.

    “The calmness is supported by a well-supplied market and high inventories. This may continue into 2020 because non-OPEC countries will grow their production significantly.

    ” However, a continuously well-supplied market will lend support to a fragile global economy.”


    Reuters reports OPEC+ said to have no plans to deepen output cuts in December meeting

    Reuters citing two sources on the matter

    Adding OPEC+ is likely to extend the existing oil output cuts until June next year when they meet up in Vienna next month.

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