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Oil Market’s Big Data Show OPEC+ Will Have to Cut Output Again

Oil stockpiles are set to rise next year as demand growth weakens

ANGOLA-FRANCE-ECONOMY-OIL

Photographer: Rodger Bosch/AFP via Getty Images

The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. That’s the inescapable conclusion from the latest round of monthly reports published by the three big oil-forecasting agencies.

The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all see global oil inventories building in the first half of next year, as they almost unanimously cut their forecasts for oil demand growth for 2019 and 2020.