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The head of the International Energy Agency IEA told Reuters on Friday that the global oil market is expected to be well supplied in 2020 and demand growth is likely to remain weak, limiting oil price gains
.
Fatih Birol, executive director of the IEA, said: "We expect demand growth to be just over 1 million barrels
per day.
Growth is likely to remain weak
compared to historical levels.
”
Fatih Birol said, "There is a surplus of 1 million barrels per day of oil to ensure that the global market is well supplied
.
Oil production in non-OPEC countries is very strong
.
We still expect oil production increases not only from the United States, but also from Norway, Canada, Guyana, and others
.
”
Therefore, Fatih Birol believes that "the oil market is well supplied in 2020 and oil prices will remain at $
65 per barrel.
" ”
Brent crude futures recently topped $70 a barrel as a U.
S.
airstrike killed Iran's top commander in Iraq on Friday, raising tensions
in the Middle East.
The head of the International Energy Agency IEA told Reuters on Friday that the global oil market is expected to be well supplied in 2020 and demand growth is likely to remain weak, limiting oil price gains
.
Fatih Birol, executive director of the IEA, said: "We expect demand growth to be just over 1 million barrels
per day.
Growth is likely to remain weak
compared to historical levels.
”
Fatih Birol said, "There is a surplus of 1 million barrels per day of oil to ensure that the global market is well supplied
.
Oil production in non-OPEC countries is very strong
.
We still expect oil production increases not only from the United States, but also from Norway, Canada, Guyana, and others
.
”
Therefore, Fatih Birol believes that "the oil market is well supplied in 2020 and oil prices will remain at $
65 per barrel.
" ”
Brent crude futures recently topped $70 a barrel as a U.
S.
airstrike killed Iran's top commander in Iraq on Friday, raising tensions
in the Middle East.
