Oil market falls too big to offset with output cuts | Malay Mail

File photo of the IAEA building in Vienna July 10, 2019. — AFP pic

The IEA forecast a 9.3 million bpd drop in demand for 2020 despite what it called a “solid start” by producers following a record deal to curb supply in response to the coronavirus pandemic. Organization of the Petroleum Exporting Countries and other producers including Russia on Sunday agreed a record cut in output from May of 9.7 million bpd, or almost 10% of global supply, to help support prices and curb oversupply.

Oil producers “lost two very important months”, Birol added, referring to events including the failure of producers in early March to agree on cutting output. Instead, Saudi Arabia, Russia and others pledged to increase production as they looked to grab back market share.

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