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In a report released last Friday, The International Energy Agency revealed it expected an over-supply of oil for 2020. The IEA also expects oil demand from OPEC’s 14 members to drop to 28 million bpd during Q1 of 2020, the lowest in 16 years. The Paris-based organization linked the oil glut to the stock buildup that has resulted from the market’s oversupply in 2018, 2019 and the growing production by the United States and other non-OPEC members.

IEA Forecasts an Oversupplied Oil Market in 2020

In a report released last Friday, The International Energy Agency revealed it expected an over-supply of oil for 2020. The IEA also expects oil demand from OPEC’s 14 members to drop to 28 million bpd during Q1 of 2020, the lowest in 16 years.

The Paris-based organization linked the oil glut to the stock buildup that has resulted from the market’s oversupply in 2018, 2019 and the growing production by the United States and other non-OPEC members.

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