OPEC expects another over-supply of oil next year

OPEC expects to produce 560,000 barrels more a day than will be needed next year. Last week the organization agreed to limit their production into the first quarter.

Photo: Leonhard Foeger/REUTERS / X00360

Last week, the Organization of the Petroleum Exporting Countries – better known as OPEC – decided to maintain output cuts on oil production into next year's first quarter. But the challenge will continue.

Next year, the organization, which produces 40 percent of oil in the world, expects to produce 560,000 barrels per day more than will be needed, estimates OPEC in its first 2020 forecast, according to Bloomberg News.

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