IEA Cautions Oil Investors Oil Supply Glut despite Recent Production Cut by OPEC

  • Dec 15, 2019 AEDT
  • Team Kalkine

The International Energy Agency (or IEA) warns market of a crude supply glut, despite the additional curbs of 5 million oil barrels per day sought by Saudi during the annual OPEC meet.

  • IEA anticipated higher production from the United States and mentioned that despite the forecast of lower than anticipated production from the non-OPEC members, the global inventories could build by 7 million barrels during the first quarter of the year 2020.
  • Recently, the OPEC members and Russia agreed to slash out 5 million barrels per day from the global chain to support the crude prices in the international market.

 

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