OPEC may be about to succeed by accident, again. Unplanned supply losses from members Iran and Venezuela could effectively double the intended cutback of 800,000 barrels a day the cartel pledged last week, according to the International Energy Agency.
There’s a precedent for this: It was the Latin American country’s collapsing oil industry that accelerated OPEC’s effort to clear a supply glut in 2017. This time, U.S. sanctions on the Persian Gulf nation could amplify that effect.
OPEC production may decline by 1.4 million barrels a day from October levels to 31.5 million a day during the first quarter and then slip further to 31.2 million in the second, according to the IEA’s monthly oil market report. Read More
Latest posts by Bloomberg Quint (see all)
- India’s Top Electricity Generator to Build Mega Solar Park - September 18, 2019
- NTPC Sets Up Subsidiary To Foray Into Commercial Coal Mining - August 30, 2019
- Why India’s Wind Turbine Makers Are Under Stress - August 22, 2019