OPEC oil production cuts likely to continue for the ‘whole of 2020’: Wood Mackenzie

OPEC oil production cuts likely to continue for the ‘whole of 2020’: Wood Mackenzie

The oil market is "still not ready" to absorb OPEC's production cuts, said Sushant Gupta, a research director at Wood Mackenzie.. OPEC is aware of oversupply in the oil market for at least the first half of this year and will have to manage that somehow, by either higher compliance or even deeper cuts, Gupta said.. Expect OPEC to continue cutting oil production for 2020: Wood Mackenzie. Gupta argued that the additional cuts indicate OPEC is aware of oversupply in the oil market for at least the first half of this year.. but we expect (OPEC) to rollover production cuts for the whole of 2020," he said..