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Oil Supply to Swamp Demand, Squeeze OPEC in 2020, IEA Says

  • Demand to grow 1.4 million b/d in 2020, supply by 2.3 million
  • OPEC now pumping more than what will be needed next year: IEA
Crude Oil Shipments In The Persian Gulf
Photographer: Ali Mohammadi/Bloomberg
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Global oil supplies will increase far more than demand next year with the start of a host of new projects, putting further pressure on the OPEC cartel, the International Energy Agency said.