The Organization of the Petroleum Exporting Countries (OPEC) in its latest report announced that it left its forecast for 2020 global oil demand growth unchanged at 1%, or 1.08 million barrels per day (bpd). Crude oil is clinging to modest daily gains after OPEC’s publication with the barrel of West Texas Intermediate adding 0.6% on the day at $57.70. Below are some additional key takeaways, per Reuters. “2020 surplus of 70,000 bpd if OPEC keeps production at November’s rate, down from 340,000 bpd surplus in September report.” “Non-opec supply to rise by 2.17M bpd in 2020, down 40,000 bpd from the previous forecast.” “October oil output rose by 943,000 bpd m/m to 29.65M bpd as Saudi supply recovered from September attacks.” “Saudi Arabia raised October crude output to 10.303M bpd, up 1.174M bpd m/m.” “Expects 2020 demand for its crude averaging 29.58M bpd, steady vs. previous forecast of 29.57M bpd.” “OECD oil inventories fell in September and stood 28 million barrels above latest 5-year average.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Germany’s Altmaier: First positive signal of GDP growth does not give us all-clear FX Street 3 years The Organization of the Petroleum Exporting Countries (OPEC) in its latest report announced that it left its forecast for 2020 global oil demand growth unchanged at 1%, or 1.08 million barrels per day (bpd). Crude oil is clinging to modest daily gains after OPEC's publication with the barrel of West Texas Intermediate adding 0.6% on the day at $57.70. Below are some additional key takeaways, per Reuters. "2020 surplus of 70,000 bpd if OPEC keeps production at November's rate, down from 340,000 bpd surplus in September report." "Non-opec supply to rise by 2.17M bpd in 2020, down 40,000 bpd… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
