Oil Market Surplus Strengthens Case For New OPEC Output Cuts

This week, OPEC issued its Monthly Oil Market Report. It was released just hours after the IEA released its own monthly oil market forecast. Unlike the IEA, the oil-producing group forecast that growth in oil demand this year would be slower than previously expected. OPEC also forecast an oil market surplus, sparking speculation that it may be preparing for production cuts. According to OPEC’s latest Monthly Oil Market Report, oil demand this year will record a healthy 3.1 million bpd, although the forecast for the second half of the year…