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The Strait of Hormuz and Oil Prices


  • Weakening global oil demand and strong supply growth in the United States contributed to global petroleum and other liquid fuels inventory builds in the first half of 2019 and limited any sustained upward pressure on crude oil prices.
  • EIA expects that the combination of strong growth in U.S. and other non-OPEC liquid fuels production and slowing global oil demand growth will contribute to a balanced market in the second half of 2019 and about 150,000 barrels per day (b/d) growth in global petroleum and other liquid fuels inventories in 2020 (Figure 2).
  • The degree of adherence to production targets from the OPEC+ agreement will be a key determinant of whether global crude oil inventories remain higher than the five-year (2014–18) average during the forecast period and will be a significant driver of crude oil prices.



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