Oil supply will outpace demand in 2019 as rise in output swamps growth: IEA

Global oil supply will outpace demand throughout 2019, as a "relentless" rise in output is swamps growth in consumption that is at risk from a slowing economy, the International Energy Agency (IEA) said on Wednesday.

In its monthly oil market report, the Paris-based IEA left its forecast for global demand growth for 2018 and 2019 unchanged from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but cut its forecast for non-OECD (Organisation for Economic Co-operation and Development) demand growth, the engine of expansion in world oil consumption.