Commodities Buzz: IEA Expects Global Crude Inventories To Rise In Q12020

Commodities Buzz: IEA Expects Global Crude Inventories To Rise In Q12020

Dec 12, 2019 12:12 IST capital market

Global oil stocks will rise in the first quarter of 2020 despite attempts by the Organization of the Petroleum Exporting Countries and its allies to balance the market, the International Energy Agency (IEA) said Thursday. The IEA said it was trimming its 2020 non-OPEC oil supply growth forecast by 200,000 barrels a day to 2.1 million barrels. The agency it still expects global inventories to build by 700,000 barrels a day in the first three months of next year.

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