January 10, 2020 / 4:52 AM / a month ago

Ample supplies, weak global demand growth to cap oil prices in 2020 - IEA

NEW DELHI, Jan 10 (Reuters) - The global oil market is expected to be well-supplied in 2020 and demand growth could stay weak, keeping a lid on prices, the head of the International Energy Agency told Reuters on Friday.

“We are expecting a demand growth of slightly higher than 1 million barrels per day,” said the IEA’s executive director, Fatih Birol, adding that growth could remain weak, compared with historical levels.

There is also an implied surplus of 1 million bpd oil, ensuring that the global market is well supplied, he said. (Reporting by Nidhi Verma and Sudharshan Varadhan; Writing by Florence Tan; Editing by Clarence Fernandez)

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