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OPEC and Russia led allies will meet in December. In order to boost oil prices, the so-called OPEC + alliance has implemented production reduction agreements since January this year, reducing production by 1.2 million barrels per day by March 2020.
Mr. Balkin said he was more optimistic about the market outlook for next year than in October, when he said all options were open, including further production cuts in anticipation of oversupply.
"According to preliminary data, there seems to be an upside potential in 2020." "There must be some bright spots," he said at a news conference on Tuesday. The data looks more accurate and the outlook looks brighter. "
"Other non fundamental factors, such as trade issues that have a negative impact on the global economy, are more optimistic. We have seen the United States, the world's largest economy, continue to challenge estimates and lead the way. "
OPEC data show that there will be an oversupply next year due to rising production outside the organization. The outlook and the US China trade dispute have put pressure on oil prices, which are currently around $62.70 a barrel, below the 2019 high of more than $75 a barrel.
Asked if there will be oversupply in the market next year, Balkin said: "we haven't reached that point. At the moment we can't pre-set all the steps we're going through. "
He said the steps include the upcoming OPEC Technical Committee meeting and the monthly OPEC oil market report scheduled for November 14.


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