If OPEC+ increases its production as planned from January, the world will have to face a new 200+ million barrel surplus through May, Rystad Energy calculates. If OPEC+ increases its production as planned from January, the world will have to face a new 200+ million barrel surplus through May, Rystad Energy calculates. Should the production hike go ahead, in January the globe will endure its biggest monthly glut since April, with an average daily surplus of 3.1 million barrels for the month, Rystad Energy outlined. Smaller surpluses would be expected to continue through May, building a total glut that will exceed 200 million barrels for the first five months of 2021, before finally starting to shrink from June, Rystad Energy noted. “We believe keeping the current agreement in place, which calls for raising target production by 1.9 million barrels per day from January 2021, could send Brent back down […]