IEA Cuts Oil Supply Estimate on Lower U.S. and Venezuelan Output

Global oil supply is set to rise by 1.2 million barrels per day (bpd) this year, lower by 260,000 bpd than the growth expected last month, the International Energy Agency (IEA) said on Tuesday, citing lower-than-forecast production from the United States and Venezuela. The U.S.-China trade war escalation and the tariffs on imports into the U.S. have sent oil prices plummeting this month. The U.S. benchmark oil price, WTI Crude, has now slumped to levels that American producers have flagged are below their breakeven price. “The significant…