Woodmac predicts oversupply of oil throughout the year

The analyst firm once again downgrades its forecast for oil needs. There'll be overcapacity throughout the year, Woodmac says.
Photo: Sergei Karpukhin/Reuters/Ritzau Scanpix
Photo: Sergei Karpukhin/Reuters/Ritzau Scanpix

According to Reuters, OPEC is stilling working on significant cuts in oil production ahead of its crucial meeting in Vienna on Friday. The organization will hereby curb the decline in demand growth tied to the spread of the coronavirus.

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