In its closely watched oil-market report, the IEA said it was trimming its 2020 non-OPEC oil supply growth forecast by 200,000 barrels a day to 2.1 million barrels. However, it still expects global inventories to build by 700,000 barrels a day in the first three months of next year. The agency’s prediction came despite last week’s news that OPEC and its allies had agreed to a new production deal to deepen oil-output cuts by a further 500,000 barrels a day through to the end of March. That move means the coalition will hold back roughly 1.7 million barrels a day from global oil markets, but it won’t be enough to balance the market, the IEA said, adding that it was leaving unchanged its oil demand growth forecasts for both this year and next. The IEA said it was reducing its production growth forecast “to take account of lower output […]