Investing.com - Financial Markets Worldwide

IEA sees oil market oversupplied in 2019 on U.S. production

Published 12/07/2019, 09:00
© Reuters. IEA sees oil market oversupplied in 2019 on U.S. production

LONDON, July 12 (Reuters) - Surging U.S. oil output will
outpace sluggish global demand and lead to a large stocks build
around the world in the next nine months, the International
Energy Agency (IEA) said on Friday.
The forecasts appear to predict the need for producer club
OPEC and its allies to reduce production to balance the market
despite extending their existing pact, forecasting a fall in
demand for OPEC crude to only 28 million barrels per day (bpd)
in early 2020.
"Market tightness is not an issue for the time being and any
rebalancing seems to have moved further into the future," the
IEA said in its monthly report.
"Clearly, this presents a major challenge to those who have
taken on the task of market management," it added, referring to
the Organization of the Petroleum Exporting Countries and
producer allies such as Russia.


Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.