Surging US oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday. The forecasts appear to predict the need for producer club Opec and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for Opec crude to only 28 million barrels per day (bpd) in early 2020. "Market tightness is not an issue for the time being and any rebalancing seems to have moved further into the future," the IEA ...
Rising US oil output to outpace slow global demand in next 9 months: IEA
IEA also flagged weakness in European manufacturing and slower growth in Indian energy consumption
Reuters Last Updated at July 13, 2019 02:15 IST