IEA expects oil glut next year
OPEC's recent output reduction won't change the fact that 2020 will see over-supply of oil, the International Energy Agency assesses in new report.
BY RITZAU FINANS & ENERGYWATCH
In its monthly report, the International Energy Agency (IEA) assesses that international oil markets will still be marked by over-supply next year. Even if OPEC and its partners in OPEC+ – encompassing ten additional oil-producing countries, of which Russia is the most important – are delivering on their recently announced production cuts, according to Bloomberg News.
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