Gelnloch Energy's November forecast sees a continuing reduction in oil inventories through the remainder of the year, but with higher inventories in 2020 and a larger build in 2021, due mainly to revisions in earlier estimates of supply and an earlier and stronger than expected recovery in the US onshore. While the EIA published its International Energy Outlook for 2020 last month, this revision does not include an update of their long term demand forecast.
A few key points:
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