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.

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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.

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