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Rystad Energy projects a new four-month supply glut of around 170 million barrels as OPEC+ restores curtailed output from August. The analysis assumes oil demand recovers more slowly due to a mild second wave of COVID-19.
Global liquids demand is expected to stay flat near 90.5 million bpd between August and October.
A projected glut through October points to weaker crude prices, lowering diesel and freight costs for feed logistics. Softer energy prices also reduce biofuel-linked support for soyoil and palm oil.
oilprice.comRystad EnergyAug 1, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
