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The forecasts appear to predict the need for producer club OPEC and its allies to reduce production to balance the market despite extending their existing pact, forecasting a fall in demand for OPEC crude to only 28 million barrels per day (bpd) in early 2020.

“Market tightness is not an issue for the time being and any rebalancing seems to have moved further into the future,” the IEA said in its monthly report.

“Clearly, this presents a major challenge to those who have taken on the task of market management,” it added, referring to the Organization of the Petroleum Exporting Countries and producer allies such as Russia.

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