Global Oil Supply to Swamp Demand in 2019 Despite Output Cuts: IEA

(From Reuters)

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 U.S. 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.

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