A new four-month oil supply glut should result from the partial return in August of curtailed OPEC+ production, Rystad Energy predicts. A new four-month oil supply glut of approximately 170 million barrels should result from the partial return in August of curtailed OPEC+ production, Rystad Energy predicts in a new analysis. The consultancy bases its prediction on the assumption that “a mild second wave” of COVID-19 in key markets will prevent oil demand from rebounding as quickly as previously thought. “OPEC’s experiment to increase production from August could backfire as we are still nowhere near out of the woods yet in terms of oil demand,” Bjoornar Tonhaugen, Rystad’s head of oil market research, commented in a written statement emailed to Rigzone. “The overall liquids market will flip back into a mini-supply glut and a swing into deficit will not happen again until December 2020.” During the first five months […]