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An Increase in the Global Oil Supply and agreement between OPEC and IEA

An Increase in the Global Oil Supply and agreement between OPEC and IEA

The IEA (International Energy Agency) has indicated that global oil stocks may increase swiftly, in spite of the agreement between OPEC and its allies to enhance production cuts. The Agency also said the production for the United States and other non-OPEC countries may experience a significant amount of decline.  The Paris-based agency IEA said in a monthly report that global oil stocks may increase by 700,000 barrels in the 1st quarter of 2020, despite the additional cuts and decreasing expectations…

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International Energy Agency surprised Oil Producing Countries in the World

International Energy Agency surprised Oil Producing Countries in the World

The IEA (International Energy Agency) issued a report and surprised the world, notably the oil-producing countries. The agency has indicated when the end of oil will start as the main source of fuel and energy in light of the growing use of clean energy. It is noteworthy that oil demand worldwide is expected to slow from 2025 due to fuel efficiency improvement and an increase in the use of electric-powered vehicles. But, the IEA said that it is unlikely to…

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