IEA comments in its latest report on the oil market
The agency says that it expects global oil markets to remain "calm" next year as soaring non-OPEC production and high inventories will keep consumers comfortably supplied.
Adding that non-OPEC supplies will increase by 2.3 mil bpd next year, almost twice the expansion in global oil demand. That is a 100k bpd upgrade from its estimate last month.
"The calmness is supported by a well-supplied market and high inventories. This may continue into 2020 because non-OPEC countries will grow their production significantly.
The hefty supply cushion that is likely to build up during the first half of next year will offer cold comfort to OPEC+ ministers gathering in Vienna at the start of next month.
However, a continuously well-supplied market will lend support to a fragile global economy."
