December 12, 2019 / 9:00 AM / 2 months ago

Oil market set to stay oversupplied despite OPEC+ pact -IEA

LONDON, Dec 12 (Reuters) - Global oil inventories could rise sharply despite an agreement by OPEC and its allies to deepen output cuts as well as lower expected production by the U.S. and other non-OPEC countries, the International Energy Agency (IEA) said on Thursday.

“Despite the additional curbs ...and a reduction in our forecast of 2020 non-OPEC supply growth to 2.1 million barrels per day (bpd), global oil inventories could build by 700,000 bpd in Q1 2020,” the Paris-based IEA said in a monthly report.

Reporting by Noah Browning; editing by Jason Neely

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