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The IEA says the outlook for the oil market remains fragile



IEA comments on oil market

  IEA oil
  • Note that demand growth between January and May was only 520 kbd
  • That is the slowest for the period since 2008
  • The outlook for global oil demand is fragile in increasing signs of an economic downturn
  • The situation becomes even more uncertain with a greater likelihood of a downgrade rather than an upward one

ForexLive

The agency trimmed global oil demand estimates this year by a further 1

00,000 bpd to 1.1 billion bpd, with a 50k bpd cut to the 2020 estimate in addition to just 1.3 bpd.

As global growth concerns continue to rise amid ongoing trade tensions, it is not a surprise to see weakened demand despite Saudi Arabia trying to downplay the issue. This will pose a problem for oil prices in the future, given that global growth prospects are still expensive for the next year or so.


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