OPEC has its work cut out to rebalance the market in the first half of 2020 despite the International Energy Agency lowering its forecast for non-OPEC oil supply growth on reduced expectations for US, Brazil and Ghana along with planned aggressive output cuts from OPEC’s allies.

The IEA’s December oil market report Thursday highlighted that while OPEC and non-OPEC production cut pact implies 500,000 b/d less in supply from current levels, the first quarter of 2020 could see a significant build in global oil stocks.

OPEC, Russia and its allies agreed earlier this month to…