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In the latest monthly oil market report, the International Energy Agency (IEA) revised down its global demand forecast by 50,000 barrels per day (bpd).

Additional takeaways

European demand slipping with Q4 lower than Q3 due to re-imposed lockdowns.

Several months before vaccines make an impact on global demand.

Global oil stocks to move into deficits compared with the end of 2019 levels.

Poor aviation demand reason for downgraded forecasts.

2021 forecast revised down in 170,000 bpd.