IEA Pours Cold Water Over OPEC+ Optimism

Despite deeper OPEC+ production cuts, global oil supply will be about 700,000 bpd in excess of consumption in early 2020, the International Energy Agency said in its latest monthly Oil Market Report. OPEC and its partners led by Russia agreed last week to cut their combined production by another half a million barrels daily. OPEC members will shoulder the bulk, at 395,000 bpd, while Russia and the rest of the non-members will take on an additional 105,000 bpd in cuts. Saudi Arabia, in the meantime, agreed to continue to overcomply with its quota,…