IEA releases its latest monthly oil report
- Raises 2019 oil demand growth forecast by 0.11 mil bpd
- Now seen at 1.49 mil bpd
- Sees risks to 2019 oil demand growth from trade disputes and rising prices if supply is constrained
- Concerns about stability of oil supply have cooled somewhat, at least for now
- Non-OPEC oil supply growth forecast raised by 100k bpd for 2018 and 2019
- 2018 forecast seen at 2.0 mil bpd while 2019 forecast at 1.85 mil bpd
- Says maintaining global supply might be very challenging
- That is due to Iran sanctions and perhaps production problems elsewhere
Nothing major of note from the report by the IEA here. But just something of note is that there is less concern about supply issues now, or at least by the IEA itself. Not one to really move oil markets by much. Both Brent and WTI are about 0.75% lower on the day at $71.54 and $66.30 respectively as commodities in general are weaker as a result of the stronger dollar and risk-off mood.
