World oil demand in 2020 will decline by 7.9 million barrels a day, according to IEA
A record reduction in oil production due to the execution of the transaction OPEC+ its members.
Global oil supply in June fell by 2.4 million barrels per day compared to may, to 86.9 million barrels. This is stated in a report published by the International energy Agency.
This ratio is the lowest in the last nine years. The OPEC deal+ to reduce oil production in June was executed by 108%.
This has led to the decline of almost 14 million barrels compared with April. With the further implementation of the agreement of delivery can be reduced by 7.1 million barrels a day this year.
World oil demand in 2020 will decline by 7.9 million barrels a day, and in 2021 will increase by 5.3 million, according to IEA. This will allow to increase production by 1.7 million barrels per day in the framework of the Treaty OPEC+.
We will remind, in July, Libya has resumed oil exports after a six-month break. However, the increase in production takes a lot of time due to significant damage to stores and infrastructure.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my email@example.com 1-800-268-7128