Commodities Oil dips as surplus forecast overshadows Libya disruption Updated : January 22, 2020 06:30 PM IST The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year. Supply is still likely to rise, with US crude production in large shale deposits expected to rise to record highs in February. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.