Small deficit in the oil market is expected in the second quarter of this year, but the OPEC has sufficient reserve capacity to prevent price increases in the event of possible supply disruptions, the International Energy Agency (IEA) said on Friday.
The organization maintained its forecast for global oil demand growth in 2019 at 1.4 percent at 1.4 million barrels per day.
Persistent growth in oil production in non-OPEC countries headed by the United States should allow to meet the demand for fuel, the IEA reported.
According to the agency, a small oil surplus may form in the market in the first quarter of 2019, which in the second quarter will turn into the deficit of approximately 0.5 million barrels per day.
“At the same time, production cuts by OPEC have increased the cushion of reserve capacity. This is especially important now, when economic sentiment is becoming more pessimistic and the world economy may be entering a period of vulnerability,” the IEA said.
The agency was particularly concerned about the prospect of a further decline in production in Venezuela, where in recent months oil production has stabilized at 1.2 million barrels per day.
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