IEA says OPEC+ cuts do not change the fundamental outlook of an oversupplied market

IEA comments in its latest report on the oil market
– Global oil stockpiles swelled surprisingly in 1H 2019
– Consumption proved far weaker than expected, outlook for 2020 also deteriorating
The agency also says that they predict the surplus to add to the stock-builds seen in 2H 2018 and notes that ‘any rebalancing seems to have moved