Business

Oil Set for Weekly Drop as IEA Warns OPEC Faces Looming Surplus

By Tsuyoshi Inajima,BLOOMBERG
13 בספטמבר 2019, 01:56 GMT‎+3‎ Updated on 13 בספטמבר 2019, 04:07 GMT‎+3‎
OPEC+ urges members to implement promised production curbs
 Cartel and its allies face significant challenge in 2020: IEA
Oil is set for its biggest weekly loss in nearly two months as the International Energy Agency warned of a looming supply glut, while OPEC and its allies urged members to maintain, rather than deepen, output cuts.

Futures edged lower in New York and were down 2.8% for the week. OPEC+ faces a significant challenge in managing the market in 2020 as production surges from their competitors, according to the IEA. While the Organization of Petroleum Exporting Countries didn’t discuss deepening curbs in Abu Dhabi Thursday, they did put pressure on members to implement promised cuts.
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