IEA: OPEC+ faces daunting challenging in managing the market in 2020

Author: Justin Low | Category: News

IEA comments in its monthly oil report

  • Demand for OPEC+ crude will be 1.4 mil bpd below August production in 1H 2020
  • Says halt in stockpiles is seen to be temporary
  • There could be a significant increase in stockpiles in 2020
  • OPEC+ producers will see surging non-OPEC oil production next year
Their view is that as non-OPEC producers step up their output next year, it will cause the market to return back to a significant surplus and that will in turn weigh on prices as stockpiles continue to build again.

IEA estimates that non-OPEC supply will increase to 2.3 million bpd next year.

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