mo4ch:>Oil prices may slump heavily In 2020 | Mo4ch News

OPEC and its partners will not deepen their oil production cut yet but will discuss the topic again in December.This is what Saudi Arabia’s newly appointed Energy Minister Abdulaziz bin Salman told media after this week’s meeting of the Joint Ministerial Monitoring Committee. A discussion, however, may not be enough. OPEC may be forced to decide to cut deeper to prevent a major slump in prices.Also on rt.comRussia braces for possible US sanctions against its oil major RosneftWhen OPEC agreed to cut 1.2 million bpd from the global market in December last year, benchmark prices reacted without much enthusiasm. In hindsight, this was a harbinger of tough times. Although prices rallied in the beginning of the second quarter of the year with Brent topping $70 a barrel, the rally was brief and correction followed soon enough.OPEC has been overcomplying with its production quotas. US sanctions against Venezuela and, to a lesser extent Iran, have helped this. And yet, prices have failed to ri…