Global oil supplies are expected to grow robustly this year and will outstrip even surprisingly strong demand, the world’s leading energy forecaster said yesterday, signalling the market rebalancing driven by lower prices will take longer to shake out.
“Despite signs of a slowdown in non-Opec supply, notably in the US, global production growth remains exceptionally high,” the International Energy Agency said in its closely watched monthly report.
Global oil supplies fell by 155,000 barrels a day in May to 96m b/d due to lower supplies from outside the Opec producer group, but they remained at a steep 3m b/d above last year.
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