IEA warns Opec it faces huge oil surplus in 2020 | Financial Times:
Opec faces a growing surplus in the oil market next year that will push prices lower, the International Energy Agency said on Thursday, in a forecast likely to increase pressure on the Saudi Arabian oil minister to consider deeper production cuts.
The IEA monthly report said that, while the oil market will face a small deficit in the second half of this year, supplies are expected to surge later in 2019 and into 2020.
That will leave supplies outstripping demand for Opec’s crude by approximately 1.4m barrels a day in early 2020, the IEA said, if the group maintains current production levels.
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