In all likelihood, the excess oil supply in the 1st half of 2020 will be offset by the deficit in the 2nd half of 2020. OPEC believes that the oil market will be balanced next year, so they will adhere to the current volume of decline in oil production.
At the upcoming OPEC meeting, oil producers will decide on further production volumes. Continued current production quotas are expected to continue. The initiative expires in March next year.