OPEC Warns of Oil Shortages

OPEC continues to escalate the situation. The organization’s latest report indicates a possible shortage of raw materials on the market in 2020. The oil cartel expects consumption to exceed production levels.

However, according to the US Department of Energy’s reports on changes in crude oil inventories, over the past 6 weeks, the volume of crude inventories has decreased only once. Perhaps the market is hinting at weak dynamics in the consumption of raw materials, which contradicts the OPEC forecast.