The light at the end of the tunnel isn’t getting any closer for Opec and allied oil-producing countries, as forecasts of the world’s need for their supplies next year are cut again. The world’s three major oil agencies – the International Energy Agency, the US Energy Information Administration and the Organization of Petroleum Exporting Countries – all reduced the outlook for global oil demand in 2021 in their latest monthly reports. With two of them also increasing their forecasts for non-Opec crude production next year, the gap that needs to be filled with barrels from the Opec countries continues to get smaller. The most difficult period for the producer group will be the first half of t
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