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By Tyler Losier, Energy Reporter, Oil & Gas 360

Supply deficit quickly flipped to surplus: International Energy Agency data now shows 500,000 barrel per day global surplus for Q2 2019
Despite the OPEC+ supply cuts agreed upon earlier this month, a slowdown of the global economy is dampening oil demand, leading to a larger-than-expected surplus in crude reserves.

According to an International Energy Agency (IEA) report released July 12, worldwide oil supply for the first half of 2019 has exceeded demand by 900,000 BOPD.

For Q2 2019, data shows a global surplus of 500,000 BOPD, a major departure from the previously predicted deficit of 500,000 BOPD.

Even though OPEC+ leaders met earlier this month, agreeing to extend thei...

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