By the first half of 2020, crude oil stockpiles are expected to increase by a staggering 1.5 billion barrels, which is the “unprecedented volume,” Algeria’s Oil Minister Mohamed Akrab said on Saturday, at the opening of the meeting of the Organization of the Petroleum Exporting Countries (OPEC). The minister, who is also chairing the OPEC meeting praised the efforts of Saudi Arabia, United Arab Emirates, Kuwait, and Oman for offering voluntary additional cuts for the month of June amounting to a total of 1.2 million barrels per day. He also said that the demand is picking up, noting that the challenges ahead of the market remain. Nick Note: Prices are rising far faster then demand. The recent price spike will negate any and all coming production cuts