Iea Report: Global Oil Supply To Tighten Faster İn 2019

The global oil supply seen to tighten faster in 2019, due to The Organization of the Petroleum Exporting Countries' (OPEC) output agreement with Russia to cut supply, according a report released by the International Energy Agency (IEA).

OPEC and Russia agreed last week to cut oil output by 1.2 million bpd from January.

IEA kept its 2019 forecast for global oil demand growth at 1.4 million barrels per day, unchanged from its projection last month, and said it expected growth of 1.3 million bpd this year, the report said.

"For 2019, our demand growth outlook remains at 1.4 million bpd even though oil prices have fallen back considerably since the early October peak" read the IEA report.

According to the IEA, some of the support provided by lower prices will be offset by weaker economic growth globally, and particularly in some emerging economies. (Graph) - Istanbul