OPEC chief says rival oil supply could underperform in 2020


OPEC chief says rival oil supply could underperform in 2020

U.S. shale oil supply growth could slow down next year, OPEC’s secretary general said on Wednesday in his latest indication that the oil market in 2020 could surprise to the upside.

Mohammad Barkindo said there would likely be downward revisions of supply going into 2020 especially from United States shale, adding that some U.S. shale oil firms see output growing by only around 300,000-400,000 barrels per day.

“This is coming from the companies themselves, who are saying our (OPEC’s) numbers are more optimistic,” he told reporters. “We are more optimistic than them. They expect a sharper deceleration.”

“We are likely to see sharp revisions of non-OPEC supply going into 2020 particularly from the shale basins in the United States,” he said. Read More

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