US-led ramp up in oil output undermining Opec cuts – IEA

Irish Times | Jun 14, 2019 at 11:11 AM
  • Supply curbs by Opec are being undermined by “relentless” production growth outside of the cartel led by the US, a trend that will continue in 2020.
  • Opec and allies outside of the cartel including Russia pledged to cut production by 1.2 million b/d from January, a level they have since exceeded because of US sanctions against Iran and other supply disruptions.
  • The IEA revised lower for a second consecutive month its global oil demand growth forecast for this year to 1.2 million b/d, from 1.3 million b/d, on a “vulnerable global economy”.