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OPEC Sees New Oil Surplus In 2020 As US Shale Keeps Surging

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OPEC sees fall in demand for its oil next year

From breakingthenews.net

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)

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