IEA Sees Global Oil Supply Tightening More Quickly In 2019

The global oil market could move into deficit sooner than expected, thanks to OPEC’s output agreement with Russia and others and to Canada’s decision to cut supply, the International Energy Agency said on Dec. 13.

The Paris-based IEA kept its 2019 forecast for global oil demand growth at 1.4 million barrels per day (MMbbl/d), unchanged from its projection last month, and said it expected growth of 1.3 MMbbl/d this year.

Uncertainty over the global economy stemming from U.S.-China trade tensions could undermine oil consumption next year, as growth in supply gathers pace.