IEA: Global oil supply to tumble 7.2 mln BPD

In May 2020, OPEC+ countries fulfilled their obligation on output cut by 89%, Report informs, citing the International Energy Agency (IEA).

At the same time, the OPEC countries fulfilled the obligation by 86%, while non-OPEC countries – by 94%.

“Global oil supply is set to tumble by a massive 7.2 million BPD on average in 2020, and stage only a 1.8 million BPD increase in 2021 assuming 100% compliance with OPEC+ cuts,” the IEA said.