OPEC has its work cut out to rebalance the market in the first half of 2020 despite the International Energy Agency lowering its forecast for non-OPEC oil supply growth on reduced expectations for US, Brazil and Ghana along with planned aggressive output cuts from OPEC’s allies. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The IEA’s December oil market report Thursday highlighted that while OPEC and non-OPEC production cut pact implies 500,000 b/d less in supply from current levels, the first quarter of 2020 could see a significant build in global oil stocks. OPEC, Russia and its allies agreed earlier this month to deepen their production cuts to the tune of 1.7 million b/d from 1.2 million b/d with Saudi Arabia offering up an extra 400,000 b/d in voluntary cuts starting January. However, the IEA noted that it is dependent on all producers toeing the […]