International Energy Agency: Oil Supply Will Struggle to Meet Demand in 2019 and 2020

By Andrey Kartsev

The International Energy Agency has reported that oil supply exceeded demand by 0.9 million barrels a day in the first half of 2019, CNBC writes Friday, July 12.

                                

The head of the oil industry and markets division at the agency, Neil Atkinson, has also told CNBC that they expect the conditions of oversupply to last until the end of the year and continue into 2020.

The IEA has explained its gloomy outlook, in part, by the growth of the oil industry in the U.S., as well as “some other countries.”

According to reports back in December 2018, the Organization of Petroleum Exporting Countries, together with Russia, planned to keep a combined 1.2 million barrels of oil off the market for the next six months. In its Friday article, CNBC has claimed that they were forced to do so by the oversaturation of the market.

On June 29, Reuters reported that Russia and Saudi Arabia agreed to extend the decreased oil output deal until March 2020.

As of press time, the benchmark Brent oil futures are trading at $66.84, up by 0.48% on the day.

FURTHER READING: Ford stock analysis: could stock continue to zoom higher?

FURTHER READING: GameStop stock analysis: will the stock soar to the January highs?

FURTHER READING: German esports company BIG partners with Coinbase

Brent Crude Oil Spot
Daily change
84.64
Low: 84.64
High: 85.46
The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with crypto or fiat
iMac Image