OPEC’s Sequel to Blockbuster Oil Deal Faces Struggle in 2019:: (WWW.COMMODITYBAZAAR.CO)

Oil is trading at the lowest in a year despite the pledge from the Organization of Petroleum Exporting Countries and its allies to remove 1.2 million barrels a day of crude from the market for six months starting in January. The group’s own data gives an indication why this hasn’t halted the price slump.

While their cut should roughly balance supply and demand in the first half of 2019, less crude will be needed from the group in the second as a slowing global economy reins in demand and U.S. shale producers keep breaking records. By the fourth quarter, the coalition may need to almost double their planned cutback just to keep markets in equilibrium.

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