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OPEC Sees New Oil Surplus In 2020 As US Shale Keeps Surging
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Preliminary data for May showed that total OECD commercial oil stocks rose by 41.5 mb m-o-m to stand at 2,925 mb, which is 96.8 mb higher than the same time one year ago and 25 mb above the latest five-year average. -OPEC OMR #OOTT
— Giovanni Staunovo (@staunovo) July 11, 2019
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OPEC says its June oil output fell by 68kbpd tp 29.83mbpd, secondary sources #OOTT
— DailyFX Team Live (@DailyFXTeam) July 11, 2019
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OPEC sees fall in demand for its oil next year
The Organization of the Petroleum Exporting Countries produced 29.83 million barrels of crude per day on average last month or just 68,000 less than in May. Its monthly report, published on Thursday, showed volumes were driven 142,000 barrels per day lower in sanctions-stricken Iran, to 2.23 million, followed by a fall of 57,000 in Angola to 1.42 million per day, according to secondary sources. Nigeria had the biggest increase, by 129,000 to 1.86 million barrels per day, followed by Saudi Arabia's rise by 126,000 barrels to 9.81 million. OPEC said the forecast for this year's growth in world demand remained at 1.14 ... (full story)