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Monthly Oil Market Update – February 2020

OPEC production declined by 510,000bpd in January to 28.86mbpd, Threats to global growth dominated crude oil demand, arising initially from US-Iran tension and outbreak of coronavirus, OPEC+ Joint Technical Committee recommended a cut to production by additional 600,000bpd beginning in...

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  • Monthly Oil Market Update – February 2020

OPEC production declined by 510,000bpd in January to 28.86mbpd,

Threats to global growth dominated crude oil demand, arising initially from US-Iran tension and outbreak of coronavirus,

OPEC+ Joint Technical Committee recommended a cut to production by additional 600,000bpd beginning in April in addition to the existing 1.7mbpd,

EIA expects Brent crude oil price will average $58/barrel in H1 2020 before rising to average $64/barrel in H2 2020, with full year 2020 forecast of $61/barrel.

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