The OPEC+ production cuts and curtailments in the United States are set to help global inventories to continue drawing down for the rest of the year and most of next year, resulting in a relatively balanced market by the end of 2021, the U.S. Energy Information Administration (EIA) said on Wednesday. The OPEC+ deal and the production drops elsewhere, most of all in North America, have brought global supply below the level of demand for the first time since the middle of 2019, the EIA estimated, noting that the supply deficit has helped bloated global inventories to decline since June. “EIA expects inventories to continue declining in the second half of 2020 and during most of 2021, resulting in a relatively balanced market by the end of next year,” it said in its Short-Term Energy Outlook ( STEO ) for September. In August, global liquid fuels production averaged 91.5 […]