Investing.com investing.com 28 Dec, 2020 08:15 am

Commodities Year Ahead: Oil Likely To End 2020 In Red, Path Up Looks Slippery

Commodities Year Ahead: Oil Likely To End 2020 In Red, Path Up Looks Slippery
Commodities Analysis by Investing.com (Barani Krishnan/Investing.com) covering: Pfizer Inc, Brent Oil Futures, Crude Oil WTI Futures, Total SA ADR. Read Investing.com (Barani Krishnan/Investing.com)'s latest article on Investing.com

The OPEC cartel seemed in more control of its oil-producing members and allies than previously when they agreed last month to collectively raise just 500,000 barrels per day in output from January, after enforcing cuts of between 8 million and 10 million bpd the past nine months.9 million barrels a day, down 350,000 barrels a day from its previous projection.99 million barrels a day, a decline of 9.77 million barrels a day from 2019 and slightly below its previous estimate.

After dropping from all-time highs of just over 13 million bpd in March, U.production has steadied at around 11 million bpd, according to weekly data published by the EIA, or Energy Information Administration.

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