2020: OPEC maintains forecast of oil inventories

According to a report released by the International Agency for Energy (IEA) this week, global oil inventories should increase as early as 2020, although the Organisation of Petroleum Exporters (OPEC) with their allies, known as OPEC+, tried to balance the market.

The IEA found that, despite opec+'s decision to deepen production cuts next year, global inventories are expected to expand around 700,000 bpd as early as the first quarter of 2020. Still according to the agency, opec+'s initiative will not be sufficient to balance the market.

The IEA document comes after OPEC released its own monthly report, in which the cartel also maintained its projections for advances global oil demand for this and next year.

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