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The oil market surplus endorses OPEC's new round of production cuts

 Last Update: 2023-01-08
 Source: Internet
 Author: User

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According to the oil price network news on August 14, OPEC's latest MOMR report shows that the oil market has a surplus
.
OPEC's crude oil demand is growing slower than the International Energy Agency
.
OPEC is likely to cut production
again after halting it altogether in August.

This week, OPEC released its monthly oil market report
.
The report comes hours after the International Energy Agency released its monthly oil market
forecasts.
Unlike the International Energy Agency, the oil producer forecasts lower than previously expected
oil demand growth this year.
OPEC is also forecasting a surplus in the oil market, sparking speculation that it may be preparing to cut production
.

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