1. Global oil supply is currently expected to expand by 1.4% in 2020, with volumes reaching 101.8m bpd (+1.3m bpd y-oy). However, with the situation in the global oil and energy markets highly fluid during March, there is significant uncertainty over the outlook. 2. Following the collapse of OPEC+ talks on March 6th, it is expected that additional supply will enter the market in the short-term as Saudi Arabia, and potentially others, raises output from April. Although Iranian production is expected to decline further in 2020, total oil production in the Middle East is now projected to rise by 1% y-o-y (+0.3m bpd) in 2020, after having declined by 6% in 2019.
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