The recent OPEC+ meeting resulted in nothing more than
creative production accounting. The estimated new oil production sources coming
on-line and Venezuela’s phoenix-like production rise interestingly neatly
matches the OPEC+ quota agreement. However even if the additional production estimates
fall short, the combination of weakening compliance by OPEC+ members and flat global
demand will add severe downward pressure on oil prices as early as 2020.
For additional particulars please refer to the 11 December
2019 article published on Seeking Alpha Oil
Prices’ Hard Landing Initializing Descent.
