One consulting firm predicted that the Organization of Petroleum Exporting Countries (OPEC) production likely would continue to decline throughout the year.

According to CNBC, Sushant Gupta, director of the Wood mackenzie Institute, said that One of the things we see in our statistics is that the market is not yet ready to absorb reduced production again, even in the current year.

“We expect OPEC to continue declining production in year five,” he said.

The director of Woodmackenzie noted that the extreme decline in OPEC production indicates that the organization is aware of surplus supply, at least in the first half of 2020, and said that they must somehow contain that surplus supply, whether by increasing adherence or by intensifying production decline for a longer time.