![\"sirius_energy\"](\"https:\/\/sirius-energy.com\/blog\/wp-content\/uploads\/2019\/10\/sirius_energy.jpg\")
<\/p>\n<\/p>\n
Oil markets are expected to face excess supplies in 2020 due to a production boost amid weak demand growth, the director for energy markets and security at the International Energy Agency said Tuesday.<\/p>\n
\u201cOverall, we will continue to see a well supplied market in 2020,\u201d said Keisuke Sadamori at the Singapore International Energy Week.<\/p>\n
\u201cUnless other things change, we will see a surplus probably, unless there is very strong demand growth recovery,\u201d Sadamori told CNBC.<\/p>\n
In its latest monthly report, the Paris-based agency cut its oil demand growth figure by 100,000 barrels a day for 2019 and 2020. Oil demand is expected grow at a \u201cstill solid\u201d 1.2 million barrels a day in 2020, IEA said in the report.<\/p>\n
Global macroeconomic concerns such as the U.S.-China trade dispute and the developments surrounding Brexit \u2014 the UK\u2019s exit from the European Union trade bloc \u2014 are issues clouding the oil market outlook, said Sadamori.<\/p>\n
The Organization of the Petroleum Exporting Countries, and other producers including\u00a0Russia, have implemented an output cut by 1.2 million barrels per day since January in a bid to support the market.<\/p>\n
However, oil supplies this year have been boosted by non-OPEC members such as the U.S. in shale oil production. Brazil and Norway will also produce more oil next year, said Sadamori.<\/p>\n
Meanwhile, demand in 2019 has been weak, amid weak growth in the first half and India demand growth slower than expected, he said. Growth in the second half of 2019 is being supported by a low base over the same period in 2018.<\/p>\n
In September,\u00a0Saudi Arabia was forced to\u00a0cut its oil production by half following a series of drone strikes on its oil processing facility.\u00a0The closure affected nearly 5.7 million barrels of crude production a day \u2014 or about 5% of the world\u2019s daily oil production.<\/p>\n
While there were concerns about the supply security after the attack, claimed by Yemen\u2019s Houthi rebels, the recovery in supplies has been \u201cquite impressive,\u201d said Sadamori, giving comfort to the Kingdom\u2019s customers around the world and assurance of the stability of world oil markets.<\/p>\n
Energy Saudi Arabia<\/a>\u2019s Sabic plots a course for its future after Aramco\u2019s planned IPO<\/span><\/em><\/p>\n TOP Social Media Influencers<\/a>.<\/strong><\/p>\n TOP Platform Foreign Direct Investment<\/a>\u00a0Promotion Package.<\/strong><\/p>\n Ways for Social Media Influencers to Make Money with TOP Platform<\/a>.<\/strong><\/p>\n 3 Reasons to Consider TOP for Any Press Release<\/a>\u00a0Project.<\/strong><\/p>\n 3 Ways TOP Influencers<\/a>\u00a0Ma<\/strong><\/p>\n Where You Can Get Paid As A Social Media Influencer Online<\/a>.<\/strong><\/p>\n Earning From Your Social Media By Becoming A TOP Trender<\/a>.<\/strong><\/p>\n The Perfect Spot To Buy Photos Online<\/a>.<\/strong><\/p>\n An Opportunity With TOP Ebooks<\/a>\u00a0Library To Start Earning<\/strong><\/p>\n Why You Should Trust TOP For All Reputation<\/a>\u00a0Management Needs.<\/strong><\/p>\n 4 Main Reasons To Do Online Reviewer<\/a>\u00a0Work With TOP.<\/strong><\/p>\n 4 Reasons To Go With TOP For Content<\/a>\u00a0Creation Services<\/strong><\/p>\n 3 Reasons To Start Getting Online Reviews<\/a>\u00a0With TOP Today.<\/strong><\/p>\n 3 Steps To Making More Money Online<\/a>\u00a0With Translating Through TOP.<\/strong><\/p>\n