A strong showing of non-Opec supply growth in the fourth quarter,especially in Canada and Mexico,has flipped global crude oil supply into a small surplus in the fourth quarter which is expected to carry through into the first quarter(OMI Dec 16'19).That surplus is set to deepen in the second quarter with the start of refinery maintenance(p8).But from the second half of the year,supply is set to fall short of demand and inventories can draw again(p6).
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