The International Energy Agency (IEA) – in its closely-watched monthly Oil market report released this Friday – lowered its global oil demand growth forecasts for this year and next, citing fears of an economic downturn as the US-China trade war casts a shadow over markets.
Key highlights:
“¢ Global Oil demand fell 160,000 bpd Year-on-Year in May, the second annual fall in 2019.
“¢ OECD Oil demand has fallen for three quarters in a row for the first time since 2014.
“¢ Global Oil demand from January to May rose 520,000 bpd, the lowest increase for that period since 2008.
“¢ Global Oil supply held steady in July above 100 million bpd but fell below year-earlier levels for the first time since Nov 2017.
“¢ Non-OPEC supply rose 1.4 million bpd Year-on-Year in July, set to grow by 1.9 million bpd in 2019 and 2.2 million bpd in 2020.
“¢ Sees demand for OPEC crude rising in the third quarter of 2019 to 30.6 million bpd, 940,000 bpd more than it is pumping.
“¢ OECD Oil stocks rose by 31.8 million barrels in June to 2.961 billion barrels, 66.9 million barrels above the five-year average.
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