IEA sees oil market oversupplied in 2019 on US production

World News: . []

Surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday. The forecasts appear to predict the need for producer club Opec and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for Opec crude to only 28-million barrels per day (barrels a day) in early 2020.

Read More: https://www.engineeringnews.co.za/article/iea-sees-oil-market-oversupplied-in-2019-on-us-production-2019-07-12

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