Wednesday, 21 August, 2019

IEA Reduces Oil Demand Growth Estimates for 2019, 2020

IEA says oil demand growth at lowest since 2008 A flag with the logo of the International Atomic Energy Agency flies at half-mast at the United Nations headquarters in ViennaMore
Russell Knight | 12 August, 2019, 05:55

Oil surged to start the US session as investors weighed the latest steps from Saudi Arabia following a selloff earlier in the week. Visit MarketWatch.com for more information on this news.

Now that the analytical community (whose predictions are routinely proven wrong) has decided that reconciliation between the USA and China is slim, they have turned their attention to what they think will be the next source of tension between the two countries: namely, that China will dramatically reduce its intake of US crude imports over the coming weeks. The International Energy Agency on Friday called the demand outlook "fragile". "Oil prices have been caught up in the retreat".

Deeper production cuts at leading producer Saudi Arabia, lower output at sanctions-hit Iran, and outages in Libya and Venezuela sent OPEC's crude oil production in July falling to its lowest level since 2011, the monthly Reuters survey found last week. "We're seeing a re-balancing of the market after such a big loss earlier in the week". Brent prices peaked this year in April ($74.57) and WTI topped out at $66.30.

Crude has fallen about 7% this month as growing fears that the trade spat will expand into a currency war overshadow the risk of supply disruptions in the Middle East.

OPEC's crude oil production dropped by 200,000 bpd in July from June, and helped by additional cuts of 100,000 bpd from the non-OPEC part of the production cut coalition, the market balance in the short term has tightened slightly, the International Energy Agency (IEA) said on Friday, but warned that the slightly tighter market is a "temporary phenomenon".

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WTI for September delivery advanced $1.78 to $54.32/bbl on the New York Mercantile Exchange at 10:03 a.m.

Worldwide benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement.

Global benchmark Brent crude rose as much as 3.2% to $58.01 on Thursday.

Saudi Arabia is reducing allocations despite strong consumption in all regions, the officials said.

Furthermore, the downside risks loom amid swelling US crude inventories, as the focus now shifts towards the US Baker Hughes Oil Rigs Count data due on the cards later today at 1700 GMT. "I am confident that OPEC+ will continue" its strong compliance with agreed production levels, he said on Twitter.

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