OPEC Predicts Shortfall in Supply of Crude Oil in 2020

OPEC has predicted a shortfall in supply of crude oil next year. This led to a rise in prices of crude oil last week. Brent crude futures rose 24 cents, or 0.4 percent, to $ 63.96 a barrel. Brent price fell by one percent due to increase in crude stocks in the US.

OPEC Predicts Shortfall in Supply of Crude Oil in 2020
OPEC Predicts Shortfall in Supply of Crude Oil in 2020

OPEC has predicted a shortfall in supply of crude oil next year. This led to a rise in prices of crude oil last week. Brent crude futures rose 24 cents, or 0.4 percent, to $ 63.96 a barrel. Brent price fell by one percent due to increase in crude stocks in the US.

West Texas Intermediate crude was down to 10 cents, or 0.2 percent, to trade at $ 58.85 a barrel. The price of US crude also fell 0.80 percent. The Organization of Petroleum Exporting Countries said that it expects a slight reduction in supplies in the oil market next year.

The stock of crude oil in America is continuously increasing. According to government data released on Wednesday, crude oil reserves in the US went up by 8 lakh barrels. The market was anticipating a shortfall in reserves.

Stock of petroleum products has also gone up.

The stock of gasoline has increased by more than 5 million barrels.