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IEA: 2020 second half could see oil demand exceed supply
Oil & Gas Journal: If oil production falls sharply, some oil goes into strategic stocks, and demand begins to recover, the second half of 2020 will see demand exceed supply, the International Energy Agency said in its April Oil Market Report.
On Apr. 12, oil producers in the OPEC+ group agreed to cut output by an initial 9.7 million b/d versus their agreed baseline, effective May 1. Meantime, G20 countries offered their support of efforts by OPEC+ countries to stabilize the oil market and, in some cases, discussed output cuts that would take place immediately or over time.
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