Energy watchdog, the International Energy Agency has predicted an oversupplied oil market next year, despite the recent rollover of an Organisation of Petroleum Exporting Countries, OPEC-led pact designed to restrain any glut.
Head of the oil industry and markets division at the IEA, Neil Atkinson told CNBC that in addition to the remainder of this year, the outlook for 2020 was also for “considerable oversupply because we are getting big growth from the United States and some other countries. OPEC, last week renewed the pact until March 2020 to avoid a build-up of inventories that could hit prices.
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