On December 12, the International Energy Agency (IEA) announced its expectation of a sharp increase in global oil inventories despite the increase of oil production cuts. The IEA said in its monthly report, “Despite the additional curbs... and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (bpd), global oil inventories could build by 700,000 bpd in Q1 2020,”