The OPEC + countries must cut 2019 supply growth by 1.5 million bpd if they want oil prices back above $70 next year. US production at $50 WTI levels would remove only0.4 million bpd of the looming 1.5 million bpd surplus in the balances that Rystad Energy forecasts for 2019 in a status quo scenario. “We believe a cut announcement that effectively removes anything less than 1 million bpd of 2019 supply would be interpreted negatively by the market,” says Bjornar Tonhaugen, head of oil market research at Rystad Energy. He says the market is now at the mercy of OPEC and the 10 non-OPEC countries that have previously ... (full story)