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.