IEA sees higher non-0PEC oil production

IEA sees higher non-0PEC oil production
  • Clock-gray 15:33
  • calendar-gray 16 January 2020

IEA sees higher non-0PEC oil production, APA reports citing the reportys of IEA.

The IEA said higher oil production in the U.S. and other countries outside OPEC will outpace global demand with non-OPEC oil supply growth expected to pick up to 2.1m barrels per day this year from 2.0 b/d in 2019.

The will reduce the "call" on OPEC to 28.5m barrel per day in the first half of this year - more than what OPEC produced in December.

The IEA said in its monthly oil market report that "today's market (..) provides a solid base from which to react to any escalation in geopolitical tensions".

The front end WTI future is currently trading at USD 58.00 per barrel.

Emil Ismayilov

Other news