OPEC will need tight discipline with its new, more stringent production quotas in the first quarter of 2020 if it wants to keep the oil market balanced and prevent prices from sliding, the bloc’s latest analysis suggests. OPEC, Russia and nine other allies last week ratified new output caps for the first three months of next year, with OPEC agreeing to slash 372,000 b/d of production. The supply curbs reaffirmed the coalition’s “continuing commitment to oil market stability,” OPEC said in its closely watched monthly oil market report Wednesday, which estimated that global demand for OPEC crude will tumble to 29.13 million b/d in the first quarter. That compares to OPEC’s November production of 29.55 million b/d, according to […]