The global oil supply decreased by 11.8 million barrels per day in May due to a record production cut by the OPEC+, the International Energy Agency (IEA) said on Tuesday in its new Oil Market Report
MOSCOW (Pakistan Point News / Sputnik - 16th June, 2020) The global oil supply decreased by 11.8 million barrels per day in May due to a record production cut by the OPEC+, the International Energy Agency (IEA) said on Tuesday in its new Oil Market Report.
"Global oil supply plunged by 11.8 mb/d in May, driven by a record OPEC+ cut and economic shut-ins in the US, Canada and elsewhere. After tumbling by 7.2 mb/d in 2020, global oil output is set for a modest 1.7 mb/d recovery in 2021, assuming OPEC+ cuts ease, Norway, Brazil and Guyana deliver solid gains and Libya manages to sustain a rebound," the IEA said.
