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IEA Sees Calm Global Oil Market in 2020 as New Supplies Soar

  • Non-OPEC supply growth estimate for 2020 raised by 100,000 B/D
  • OPEC pumping 1.7m B/D more crude than needed in first half
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IEA Sees Global Oil Demand Hitting a Plateau Around 2030

Global oil markets are likely to remain “calm” next year as soaring production outside OPEC and high inventories keep consumers comfortably supplied, the International Energy Agency said.

Supplies outside OPEC -- driven by the U.S., Brazil, Norway and Guyana -- will increase by 2.3 million barrels a day in 2020, almost twice the expansion in world oil demand, the agency said in its monthly report. The growth estimate is about 100,000 barrels a day higher than last month.