Russia Has Your Back, OPEC. What Could Go Wrong? - Bloomberg

Russia Has Your Back, OPEC. What Could Go Wrong? - Bloomberg:

The only country that could really make OPEC+ work is the U.S. That’s not an option, so it’s stuck with Russia. OPEC’s own forecasts show just how much sway Moscow has over the group.

Next year looks ugly for oil producers. OPEC expects demand to grow by 1.14 million barrels a day, flat with expectations for this year (which have been coming down). But it also expects supply from non-OPEC countries to surge by 2.4 million barrels a day. Hence, the world will need fewer OPEC barrels: 1.34 million a day, equivalent to almost the entire production of Angola.

And OPEC’s market share has been dropping already. The International Energy Agency piled on Friday morning with its own monthly report, surmising implied demand for crude oil from OPEC could drop to 28 million barrels a day in early 2020, an amount the group last produced in summer 2003.