Rising OPEC and US oil outputs will offset falling exports from Iran and Venezuela, the International Energy Agency (IEA) said on Wednesday.
The monthly report added that the world will even require very little extra oil from OPEC to fill this gap as higher output from producers outside OPEC, especially from the United States in the second quarter, would keep the market well supplied.
It added that non-OPEC supply in 2019 will grow 1.9 mln bpd compared to 2.8 mln bpd last year.
The IEA, which coordinates the energy policies of industrial nations, said there was “scope for other producers to raise supply” to fill the gap left by lower production from Iran due to tightening US sanctions.
It added that OPEC crude output rose 60,000 bpd in April to 30.21 mln bpd, as higher flows from Libya, Nigeria and Iraq offset Iranian losses.
The agency also reported that global oil supply in April fell 300,000 bpd, with Iran, Canada, Kazakhstan, and Azerbaijan leading the losses.