Sunday, February 2, 2025
OPEC sees small 2020 oil deficit even before latest supply cut- oil and gas 360

OPEC sees small 2020 oil deficit even before latest supply cut

Reuters LONDON – OPEC on Wednesday pointed to a small deficit in the oil market next year due to restraint by Saudi Arabia even before the latest supply pact with other producers takes effect, suggesting a tighter market than previously thought. In a monthly report, OPEC said demand for its crude will average 29.58 million barrels per day (bpd) next

U.S. crude oil inventories decrease by 2.0 million barrels- oil and gas 360

U.S. crude oil inventories increase by 0.8 million barrels

Weekly Crude Oil Storage as of December 6, 2019   U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.8 million barrels from the previous week. At 447.9 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year, according to the EIA crude oil and petroleum