The International Energy Agency (IEA) has revised down the global oil supply growth forecast from the nations outside the Organization of the Petroleum Exporting Countries (OPEC) in 2020 by 0.2 million barrels per day to 2.1 million barrels per day
MOSCOW (Pakistan Point News / Sputnik - 12th December, 2019) The International Energy Agency (IEA) has revised down the global oil supply growth forecast from the nations outside the Organization of the Petroleum Exporting Countries (OPEC) in 2020 by 0.2 million barrels per day to 2.1 million barrels per day.
"Despite the additional curbs and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 mb/d, global oil inventories could build by 0.7 mb/d in 1Q20. In November, global oil supplies held steady at 101.36 mb/d, down 1.2 mb/d y-o-y," the IEA said on Thursday in its monthly report.