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13.11.2019 22:59

OPEC Secretary-General Barkindo: Demand numbers for 2020 has potential for an upside swing

  • Could see sharp supply fall in 2020 from U.S. shale output
  • Fundamentals of global economy remain strong; there is no sign of a global economic recession
  • Confident OPEC+ members will continue with their agreement in 2020
  • Some U.S. oil companies see shale output growth in 2020 only up by around 300,000-400,000 bpd; that it is not as high as OPEC optimistic estimates
  • Saudi authorities have reassured US that Aramco IPO won't affect kingdom's role within OPEC as the biggest producer
  • No one in OPEC+ wants to return to where we came from during oil prices downturn
  • The Aramco IPO won't affect Saudi Arabia's participation in supply adjustments to ensure oil market stability 


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