Opec+ fears that virus surge could lead to oil surplus in 2021
An Opec+ document shows a worst-case scenario of a surplus in 2021 as new lockdowns temper demand and supply cuts are being tapered off
16 October 2020 - 16:32
Moscow — Oil cartel Opec and its allies, which include Russia (Opec+) fear a prolonged second wave of the Covid-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago.
A panel of officials from Opec+, the joint technical committee (JTC), considered this worst-case scenario during a virtual monthly meeting on Thursday. In September, the panel had not seen a surplus under any scenarios it considered...
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