Opec+ fears that virus surge could lead to oil surplus in 2021

Moscow — Oil cartel Opec and its allies, which include Russia fear a prolonged second wave of the Covid-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago.

“In particular, a resurgence of Covid-19 cases across the world and prospects for partial lockdowns in the coming winter months could compound the risks to economic and oil demand recovery,” it said. This year, Opec+ agreed to make record output cuts to support plunging prices as oil demand collapsed. It cut 9.7-million bpd from May, tapering that to 7.7-million bpd from August. From January, cuts are due to ease to 5.7-million bpd.

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