The global oil market is expected to be well-supplied in 2020 and demand growth could stay weak, keeping a lid on oil prices, the head of the International Energy Agency (IEA) told Reuters on Jan. 10.
"We are expecting a demand growth of slightly higher than 1 million barrels per day (bbl/d)," said the IEA's executive director, Fatih Birol, adding that growth could remain weak, compared with historical levels.
There is also an implied surplus of 1 million bbl/d oil, ensuring that the global market is well supplied, he said.
"Non-OPEC production is very strong. We still expect production coming from, not just United States, but also Norway, Canada, Guyana, among other countries," Birol said, referring to oil producers outside OPEC.
"Therefore, I can tell you that the markets are, in my view, very well supplied with oil, and as a result of that, we see prices remain at $65 a barrel."
Brent crude futures topped $70 a barrel after a U.S. air strike killed Iran's top commander in Iraq on Jan. 3, escalating tensions in the Middle East. But prices cooled quickly after the threat of war in the Gulf receded.
The company put proven reserves at between 3 and 10 million standard cubic meters of recoverable oil equivalent based on preliminary estimates.
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