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Global oil supply to rise slightly in 2020, says EIA

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Christian Fernsby ▼ | June 13, 2019
Global oil supply to rise slightly in 2020, says EIA
World   EIA forecast global liquid fuels supply will rise 2.0 million barrels per day

The global supply of liquid fuels will increase in 2020 with the United States as a major supplier, U.S. Energy Information Administration (EIA) said in a report.

In its latest Short-Term Energy Outlook (STEO), EIA forecast global liquid fuels supply will rise 2.0 million barrels per day (b/d) in 2020, with 1.4 million of that growth coming from the United States. Global oil demand rises 1.4 million b/d in 2020 in the forecast, up from expected growth of 1.2 million b/d in 2019.

As for the United States, EIA forecast annual U.S. crude oil production will increase 1.4 million b/d in 2019 and 0.9 million b/d in 2020.

EIA forecast global oil inventories will decline 0.3 million barrels per day (b/d) in 2019 and then increase 0.3 million b/d in 2020.

In terms of oil prices, EIA said Brent crude oil spot prices averaged 71 U.S. dollars per barrel in May


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