The policy of the Organization of Petroleum Exporting Countries (OPEC) to maintain prices by reducing the production of minerals seems to have an effect.
Any attempt by OPEC to maintain prices seems to be fixed only by the US, which, in turn, increases the production of its own shale oil. This is also reflected in the latest monthly OPEC report, according to which demand for oil from the 14 member states of the oil cartel will fall next year.
On Thursday, OPEC released its first forecast of demand for oil by 2020, predicting that it would reach 29.27 million barrels per day (1 barrel = 159 liters). If the assessment is completed, this would mean a decrease of 1.34 million barrels a day compared to the current year.
The reason for this is an increase in extraction in other countries, especially in the USA. "It is expected that shale oil production in the USA will continue to grow," OPEC said.
Despite the efforts of the oil cartel to maintain prices, continuing the program of reduction of production for another nine months, it seems that the oil market is again experiencing a high surplus. This development is recorded by US President Donald Trump, who can continue to sanction OPEC members, Iran and Venezuela.
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