Oil Markets Face A 200 Million Barrel Glut In 2021

As the world is aching to put an end to a devastating 2020, oil producers are now assessing the lasting effect of the pandemic into 2021 – and in particular, the consequences of oil demand destruction to global balances. The existing OPEC+ group deal saved the market from collapsing earlier this year, but then Covid-19 came back with a second-wave. If output increases as planned from January, the world will have to face a new 200-million-barrel surplus through May, Rystad Energy calculates. The OPEC+ group will be debating whether or not…