April 20, 2024 22:50 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Mamata Banerjee on DD News' new logo colour: 'Shocked at the sudden saffronisation' | Love jihad is spreading: Karnataka Congress corporator, whose daughter was killed, contradicts Siddaramaiah's claims | Karnataka Congress corporator's daughter killed; CM Siddaramaiah cites 'personal reasons' | Elon Musk postpones upcoming visit to India: Reports | 'Had mangoes only three thrice, sweets 6 times in jail': Arvind Kejriwal counters ED claims in court
Global oil supply to fall to 9-year-low in May as OPEC+ deal takes effect - IEA

Global oil supply to fall to 9-year-low in May as OPEC+ deal takes effect - IEA

India Blooms News Service | @indiablooms | 14 May 2020, 11:41 am

Moscow/ Sputnik: Global oil supply will fall in May to a nine-year-low of 88 million barrels per day, as the new OPEC+ oil production cuts deal will take effect, the International Energy Agency (IEA) said on Thursday.

"Global oil supply is set to fall by a spectacular 12 mb/d in May to a nine-year low of 88 mb/d, as the OPEC+ agreement takes effect and production declines elsewhere," the IEA said in its fresh oil market report.

"For some OPEC countries, e.g. Saudi Arabia, Kuwait and the UAE [United Arab Emirates], lower May production is from record highs in April," it added. 

"Led by the United States and Canada, April supplies from countries outside of the deal were already 3 mb/d lower than at the start of the year," it stated.

Image Credit: Pixabay

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.