Will We See An Oil Supply Glut In 2020?

Oil prices seem to be in big trouble, with a supply glut set to hit the market in 2020 and a potential economic recession looming. One of the few things that could upend this forecast is a significant slowdown in non-OPEC supply. The surplus is largely predicated on a deterioration in demand at a time when supply continues to grow. The IEA predicts non-OPEC supply to expand by 1.9 million barrels per day (mb/d) this year and by another 2.2 mb/d in 2020, with demand growth figures running at about half those levels. The market could remain roughly…