The International Energy Agency (IEA), in its closely observed monthly oil market report released this Friday, raised its 2020 oil demand forecast but warned that the spread of COVID-19 posed a risk to the outlook.
Key highlights:
- Demand decline in Q2 2020 was less severe than expected.
- Oil demand for 2020 seen as 92.1 million barrels per day (bpd), up 400,000 bpd from last month.
- Global oil supply fell by 2.4 million bpd in June to a 9-year low of 86.9 million bpd.
- Crude oil floating storage fell by 34.9 million barrels to 176.4 million barrels from the all-time high seen in May.
The latest update did little to provide any meaningful lift to oil prices. In fact, WTI crude oil was last seen struggling near the $39.00/barrel, down nearly 2% for the day.
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