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Oil market still unbalanced despite more Opec cuts | The Malaysian Insight

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Oil market still unbalanced despite more Opec cuts

Supply cuts by the world’s oil producers may not be enough to eliminate a glut of crude on the global market. – EPA pic, December 12, 2019.

ADDITIONAL supply cuts by the powerful Opec group of oil producers and its allies may not be enough to eliminate a glut of crude on the global market, the IEA warned today. Meanwhile, energy consumption by China is bounding higher – a signal that the country’s economy may be in better shape than widely thought as its trade war with the United States rumbles on.

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