The Organization of the Petroleum Exporting Countries and its allies face stiffe...
LONDON - The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group’s policy meeting next month.
The IEA estimated non-OPEC supply growth would surge to 2.3 million barrels per day next year compared to 1.8 million bpd in 2019, citing production from the United States, Brazil, Norway and Guyana. Demand for crude oil from OPEC in 2020 will be 28.9 million bpd, the IEA forecast, 1 million bpd below the exporter club’s current production.
Saudi state oil company Aramco, the world’s most profitable firm, starts a share sale on Nov. 17 in an initial public offering that may raise between $20 billion and $40 billion.
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