OPEC may come with further production restrictions to support oil prices. The International Energy Agency (IEA) predicts this in a new report. Globally, there has been an oversupply in the last six months, partly due to lower than expected demand due to a cooling global economy.

Oil stocks grew worldwide, despite OPEC’s production ceiling and cooperating oil countries such as Russia. As a result, there was an oversupply of 900,000 barrels per day. As the economic outlook for next year is also deteriorating, the IEA strongly takes into account a permanent surplus.

OPEC recently predicted a surplus on the global oil market in 2020, partly due to the production of shale oil in the United States. Last week, oil cartel countries and opportunity partners agreed to extend their current production limitation.

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