The kind of OPEC output restraint we are reading in today’s tea leaves will help the market dig out from the 4th quarter surplus, but likely not lead, by itself, to a supply/demand deficit in 2019.
Hellenic Shipping News:
As the market eagerly awaits an OPEC+ deal, non-OPEC producers continue to make gains. Sudan and South Sudan are likely to raise crude oil production in 2019, according to ESAI Energy’s recently published Africa Watch. A peace deal in September halted South Sudan’s five-year civil war between forces loyal to President Salva Kiir and others backing Vice President Riek Machar. The peace deal has, for now, stopped fighting that has decimated Sudan and South Sudan’s crude production since the latter’s independence in 2011.