The International Energy Agency (IEA) admits overproduction of oil in 2020 due to increased supplies from non-OPEC countries, mainly from the United States.
“Our balance sheet shows the potential for overproduction next year due to an increase in shipments of 2.1 million barrels per day from non-OPEC countries led by the United States, compared to 2 million b/d in 2019. This will reduce the demand for oil from OPEC to 28 million b/d in the first quarter of 2020”, the IEA writes in its monthly report.
According to agency estimates, in 2020 oil demand will grow by 1.4 million b/d compared to a growth rate of 1.2 million b/d in 2019.
Recall that the OPEC + countries supported the proposal to extend the agreement on the reduction of oil production by nine months. In the first half of 2019, oil production was agreed in the amount of 1.2 million barrels per day.