OPEC and allies had little choice but to roll over their production cuts into the first quarter of 2020 amid higher-than-average global inventories, continued uncertainties over the global economy and oil demand growth, and rising rival oil supply, mostly from U.S. shale. The cartel and its non-OPEC partners led by Russia aim to bring the market back to balance and prop up oil prices, or at least put a floor under current prices. While the OPEC+ alliance can and does calibrate its own production, it is not in control of the current key drivers of the oil market—demand growth and rival oil supply. And the current outlook for those two variables point to an ugly oil market in 2020, oil and gas analyst Gaurav Sharma writes for Forbes . Despite rising tension in the Middle East with the U.S.-Iran standoff , despite U.S. sanctions choking off oil supply from […]