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.