The International Energy Agency (IEA), in its monthly oil market report, maintained 019 global oil demand growth forecast of 1.4 million bpd vs. 1.3 million bpd in 2018.
Key highlights:
“¢ Raises non-OPEC oil supply growth forecast for 2019 to 1.8 mbpd from 1.6 mbpd prior.
“¢ Cuts forecast for demand for OPEC crude to 30.7 mbpd in 2019 from 31.6 mbpd.
“¢ The political crisis in Venezuela risks disrupting the global crude market.
“¢ US sanctions on Venezuela may create problems for crude quality, not quantity.
“¢ Oil market still working off the surpluses built up in H2 2018.
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