International Energy Agency expects worldwide oil glut in 2020

The French-based agency said oil supplies for the first half of 2019 surpassed demand by nearly a million barrels a day. The IEA added the global oil surplus for the second quarter was 500 million per day.

The IEA said surpluses have occurred despite a decision by OPEC and its allies to keep 1.2 million barrels of oil per day off the market since the beginning of 2019.
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