1/16, 10:15 AM (Source: TeleTrader)
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IEA: Non-OPEC output to grow by 2.1 mb/d in 2020

The International Energy Agency (IEA) said in its monthly report on Thursday that it expects oil output among non-OPEC producers to rise by 2.1 million barrels per day in 2020.

The report noted that global oil demand is set to accelerate to 1.2 mp/d as a result of higher GDP growth and the resolution of trade disputes among world powers, but pointed out that, under their latest agreement, OPEC+ members will have to reduce their production by 0.3 mb/d in January. The IEA added that fears of a major disruption to oil supply as a result of tensions between the United States and Iran "receded" as an armed conflict now seems unlikely.

According to IEA, global oil supply dropped by 780,000 barrels per day to 100.7 mb/d as Saudi Arabia cut its output, while global demand is estimated to have risen by 1.9 mb/d in the last quarter of 2019.

Breaking the News / NP