IEA says oil demand growth at lowest since 2008

IEA says oil demand growth at lowest since 2008”

The Saudi efforts to tighten the market, however, have been hampered by weakening demand growth and the US shale production growth.

WTI rose as much as 4.1% in NY, but is still on track to lose about 2% this week.

However, over forty cargoes of crude oil exports from Nigeria in August were still in need of buyers when Nigeria began publishing its preliminary programme for September exports beginning on July 18 according to a report. The International Energy Agency on Friday called the demand outlook "fragile".

Russia's energy ministry said the IEA's estimates were largely in line with its own forecasts and that Moscow had taken into account the possibility of a slowdown in oil demand when it extended an output reduction deal with the Organization of the Petroleum Exporting Countries.

"The market is digesting the details of the EIA report and the Saudi response to the price drop", said Ashley Petersen, lead oil market analyst at Stratas Advisors.

A large-volume bullish options trade was reported just after 9 NY, for 25,500 contracts - equivalent to 25.5 MMbbl.

The global energy agency lowered its oil demand growth for 2019 by 100,000 barrels per day to 1.1 million barrels per day and cut its 2020 demand growth to 1.3 million barrels per day blaming uncertainties on the US-China trade war. Brent prices peaked this year in April ($74.57) and WTI topped out at $66.30.

Will WTI regain 53.00 amid US-China trade woes, bearish IEA forecast?

Saudi Arabia plans to keep its crude oil exports below 7 million barrels per day in August and September despite strong demand from customers, to help drain global oil inventories and bring the market back to balance, a Saudi oil official said.

WTI for September delivery advanced $1.78 to $54.32/bbl on the New York Mercantile Exchange at 10:03 a.m. The global benchmark crude traded at a $4.57 premium to West Texas Intermediate for the same month. "But we kept exports below 7 million bpd", the Saudi official told Reuters, commenting on Saudi Arabia's strategy to tighten the market. "I am confident that OPEC+ will continue" its strong compliance with agreed production levels, he said on Twitter.

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.

Like this



12 August 2019
Ninja 'disgusted' after Twitch accidentally promotes porn stream on his dormant channel
Mixer has widely marketed Ninja's signing, and has offered two free months of subscriptions to his channel when users sign up. After the promotion expires, fans will be forced to pay a monthly fee if they wish to be subscribed to Ninja .

12 August 2019
Epstein's guards were working extreme OT shifts
Every 15 minutes, guards are also required to make "another check on prisoners who are on suicide watch". Clinton, although he did travel several times on Epstein's plane, never visited Little St.

12 August 2019
Schools in Gilroy, El Paso and Dayton Receive Singer's Support
The song was a smash with critics as well, as it won an Oscar, a Golden Globe and two Grammys this past awards season. Gaga and co-writers Mark Ronson , Anthony Rossomando and Andrew Wyatt released " Shallow " in 2018.

12 August 2019
Five children die in Pennsylvania daycare centre fire
She said the family had two boys and two girls and had used the day care for nearly a year. A neighbor told the TV outlet that the owner may have been running an overnight day care.

12 August 2019
Google will pay if your flight gets cheaper-but there's a catch
A snapshot of the price history for a roundtrip flight in October between New York-JFK and Los Angeles-LAX on JetBlue. Numerous travel updates are for Google Flights , the ultimate lazy girl's flight research tool.

12 August 2019
Windies pick spinner Cornwall for India
Windies had made 54 for 1 in 13 overs when rain halted play in the first ODI against India for the third time. Meanwhile, Kohli didn't get a chance to bat in the first One Day International against West Indies at Guyana.

12 August 2019
Virtual Reality Gaming Accessories Research and Markets Archives
Preceding, existing, and estimated the market size for Augmented & Virtual Reality Eyeglass market in terms of volume and value. Market Size by Type: It includes analysis of price, production value market share, and production market share by type .

12 August 2019
UN Staff Members Killed in Benghazi Bombing
Footage circulated online shows what appears to be burnt UN-owned vehicles, as thick smoke billows into the sky. Last year, at least 33 people were killed in twin auto bombings that struck close to a mosque in Benghazi.

11 August 2019
Boris Johnson needs to form an electoral pact with the Brexit Party
The newspaper reported the hope is that any meeting can happen before a meeting of the G7 in France in two weeks' time. Johnson's has promised to take Britain out of European Union by October 31 with or without a deal.

11 August 2019
Huawei launches own operating system to replace Google's Android
Skyworth also recently announced its upgraded smart TV strategy, which allows users to send emails and display PPT files on TV. The first of these products will be the Honor Smart Screen, which is due to be unveiled on Saturday.