VIENNA: The oil market outlook for next year may have upside potential, the secretary-general of producer group Opec said on Tuesday, appearing to downplay any need to cut output more deeply.The so-called Opec+ alliance, seeking to boost oil prices, has since January implemented a deal to cut output by 1.2 million barrels per day until March 2020.
“There are definitely brighter spots. The numbers are looking more refined and the picture is looking brighter.” Opec’s figures suggest there will be excess supply next year due to rising production outside the group. Those steps, he said, include upcoming meetings of Opec technical committees, such as its Economic Commission Board, and the next Opec monthly oil market report, which looks at global demand and supply, due on Nov 14.