LONDON - Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the United States and other non-OPEC nations, the International Energy Agency said on Thursday.
“Despite the additional curbs ... and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day , global oil inventories could build by 700,000 bpd in Q1 2020,” the Paris-based IEA said in a monthly report. Even if the group adhered strictly to the new pact and output from members beset by political troubles such as Iran, Libya and Venezuela remained steady, the IEA said that only 530,000 bpd of crude would be withdrawn from the market compared to November production.
The IEA revised down its forecast for supply growth by non-OPEC countries in 2020 by 200,000 bpd “on a continued slowdown in the U.S., reduced expectations for Brazil and Ghana as well as additional cuts by ”.
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