The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group’s production cuts and US sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.
The IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day.
“It is supported by lower prices and the start-up of petrochemical projects in China and the US Slowing economic growth will, however, limit any upside,” the agency said.
