1. When Will Crude Oversupply Finally Come? - The ongoing US-OPEC public spat continues to revolve around the oil market’s immediate prospects, namely its moving into oversupply following several months of global stock draws. - Latest outlooks from OPEC, IEA, and EIA all indicate that markets should flip into oversupply in Q1-2021, with EIA forecasting it would average some 900,000 b/d over January-March.
- Whilst OPEC remains ambiguous on its own production strategy for 2022, the energy agencies seem to agree that next year should see higher-than-expected…When Will Oil Supply Overtake Demand?
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