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.
"Overall, we will continue to see a well supplied market in 2020," said Keisuke Sadamori at the Singapore International Energy Week.
"Unless other things change, we will see a surplus probably, unless there is very strong demand growth recovery," Sadamori told CNBC.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 "still solid" 1.2 million barrels a day in 2020, IEA said in the report.
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