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Oil markets could face oversupply in 2020, the IEA warns

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Deck hands tighten sections of steel pipe and insert them back into a well on a natural gas drilling rig outside of Artesia, in eastern New Mexico, which is part of the Permian Basin that extends into the state to the west of Texas.

Robert Nickelsberg | Getty Images News | Getty Images

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…



Source cnbc.com

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