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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,”

IEA Expects Oil Market to Remain Oversupplied

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,”

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