# Oil Markets Face New Glut As OPEC Prepares To Open The Taps

> 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.

- Date: 2020-08-01 · published 2020-08-01T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52289-oil-markets-face-new-glut-as-opec-prepares-to-open-the-taps
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- oilprice.com: https://oilprice.com/Energy/Crude-Oil/Oil-Markets-Face-New-Glut-As-OPEC-Prepares-To-Open-The-Taps.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.