OPEC also said its oil output in June fell by 68,000 barrels per day (bpd) to 29.83 million bpd, above the 2020 demand forecast, suggesting that there will be a 2020 supply surplus of over 500,000 bpd if OPEC keeps pumping at June's rate.
The interest for OPEC unrefined petroleum in mid-2020 could tumble to just 28 million bpd, it included, with non-OPEC extension in 2020 ascending by 2.1 million bpd - an entire 2 million bpd of which is required to originate from the United States.
Assuming constant OPEC output at the current level of around 30 million barrels per day, "by the end of the first quarter of 2020, stocks could increase by a net 136 million barrels", the IEA said.
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According to the MOMR, global economic growth is expected to remain steady at 3.2 percent in both 2019 and 2020, with global oil demand growth forecast at 1.14 mb/d for both 2019 and 2020, despite some uncertainty.
The IEA said that markets were concerned by escalating tension between Iran and the West over oil tankers leaving the Gulf but that incidents in the region's shipping lanes have been overshadowed by supply concerns.
"There are indications of deteriorating trade and manufacturing activity", the IEA said.
"The main message of this report is that in the first half of 2019, oil supply has exceeded demand by 0.9 million barrels per day", the IEA said. 'For now, maritime operations in the region are close to normal and markets remain calm'. Despite rising tensions between the US and Iran, supply disruptions in major producers like Venezuela, Libya, Russia and Mexico, and surging demand amid the height of the USA summer driving season, Brent crude oil - the benchmark for global prices and a bellwether for USA gasoline - was hovering around $66 per barrel as of Friday morning, about $10 lower than the same point past year.