OPEC+ faces ‘major challenge’ in 2020 from competitors’ surging output: IEA

The Organization of the Petroleum Exporting Countries (OPEC) 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 OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply ... surging non-OPEC supply explains this drop, with growth of 2.3 million barrels per day (bpd) next year versus 1.8 million bpd in 2019,” the Paris-based agency said in a monthly report.