LONDON — Global oil inventories could rise sharply despite OPEC and its allies deepening their output cuts and slowing U.S. production growth, 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. (GRAPHIC: Demand/Supply Balance until end-2020 - https://fingfx.thomsonreuters.com/gfx/mkt/12/9877/9789/supply_demandDec.jpg)The Organization of the Petroleum Exporting Countries (OPEC) and others including Russia - the OPEC+ group of producers - agreed last week to rein in output by an extra 500,000 bpd in the first quarter of 2020 to balance the market and support prices, but they stopped short of pledging action beyond March.

Source: International New York Times December 12, 2019 09:00 UTC