Global oil supply to swamp demand in 2019 despite output cuts

LONDON: The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group's production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.

The Paris-based IEA left its demand growth forecast for 2019 unchanged from its last report in January at 1.4 million barrels per day.

"It is supported by lower prices and the start-up of petrochemical projects in China and the U.S. Slowing economic growth will, however, limit any upside," the agency said.

The IEA raised its estimate of growth in crude supply from outside the Organization of the Petroleum Exporting Countries to 1.8 million bpd in 2019, from 1.6 million bpd previously.