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Oil settles and the IEA report expects an oversupply

2019-07-12 09:56 am | Resource: News | No Views : 30

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Oil prices rose on Friday after US oil producers cut more than half of the Gulf of Mexico's crude production due to Tropical Storm Bari, which is expected to reach land at the end of the week. As well as the report of the International Energy Agency, which expects an increase in supply

The IEA expects an increase in oil supply despite OPEC production cuts

The International Energy Agency (IEA) said in its monthly report on Friday it expects an abundance in the world oil market despite OPEC and other major producers' efforts to balance markets by extending production cuts from 1.2 million barrels per day for another nine months. The International Energy Agency said that the oil supply of the first six months of this year exceeded the demand by 0.9 million barrels per day, and said that this surplus adds to the huge stockpile accumulated in the second half of 2018.

"The decision widely expected by OPEC ministers to extend the production agreement to March 2020 provides guidance but does not change the basic expectations of the oversupply market," the IEA said.

. "This surplus increases the accumulation of huge inventories seen in the second half of 2018 when oil production rose as demand growth faltered," the Paris-based group said. "Clearly, market tightness is not a problem at the moment and any rebalancing seems to have moved more in the future," he said.

Last week, OPEC and its allies, including Russia, agreed to extend the production cut-off agreement until at least March 2020, to avoid accumulation of stocks that could affect prices, and the agency noted that the agreement, which was widely expected does not change the basic vision of the market Suffers from over-supply.

Oil trading
  • Brent crude for September delivery rose 0.6% to $ 66.9 a barrel, heading for a 4.2% gain this week.
  • US crude for August delivery rose 0.7% to $ 60.61 a barrel, after falling 0.4% on Thursday, but still high this week by 5.2%.

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