Oil supply exceeded demand by 0.9 million barrels per day (MMbpd) in the first half of 2019, according to the International Energy Agency’s (IEA) latest oil market report. In a statement posted on the organization’s website on Friday, the IEA said its latest data shows a global surplus of 0.5MMbpd in the second quarter (2Q). Previous expectations for 2Q were of a 0.5MMbpd deficit, the IEA highlighted. “This surplus adds to the huge stock builds seen in the second half of 2018 when oil production surged just as demand growth started to falter,” the IEA said in the statement. “Clearly, market tightness is not an issue for the time being and any re-balancing seems to have moved further into the future,” the IEA added. The IEA’s forecast for oil demand growth in 2019 remains at 1.2MMbpd. Last month, the IEA cut its 2019 oil demand growth forecast from 1.3MMbpd […]