The International Energy Agency (IEA), in its monthly Oil Market Report released, this Thursday, revealed that global oil supply reached a record 100 million barrels per day (bpd) in August.
Key highlights:
“¢ Higher output from OPEC managed to more than offset seasonal declines from non-OPEC members.
“¢ August saw OPEC’s crude supply hit a nine-month high of 32.63 million bpd.
“¢ Non-OPEC supply was also up 2.6 million bpd in August, led by the US.
“¢ Warns of higher oil prices as the situation in major producers – Venezuela and Iran, intensify.
“¢ Oil prices could break out above $80 per barrel unless other producers act to offset deepening supply losses.
“¢ There is a risk to the 2019 outlook for demand as well.
“¢ Cites challenges in emerging markets such as currency depreciation and trade disputes.
“¢ For now, the risks aren’t enough to change forecasts just yet.
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