IEA keeps forecast of global oil demand growth for 2019 at 1.4 mln bpd, supported by solid non-OECD consumption

Market news

15 March 2019

IEA keeps forecast of global oil demand growth for 2019 at 1.4 mln bpd, supported by solid non-OECD consumption

sees oil markets in modest surplus in Q1 2019 before flipping into deficit in Q2 by about 0.5 mln bpd
non-OPEC oil output growth will slow from 2018’s record of 2.8 mln bpd to 1.8 mln bpd in 2019
OPEC Feb production dropped by 240,000 bpd to 30.68 mln bpd on Venezuela, Saudi arabia and Iraq
OPEC compliance with oil cuts was 94 pct in Feb; non-OPEC complying at 51 pct with Russia reducing output very gradually
OECD commercial oil stocks rose 8.6 mln barrels in Jan to highest level since Nov 2017, Feb points to sharp drop
degradation of Venezuelan power system, vital for oil output, is such that we cannot be sure whether fixes are durable
in event of major loss of Venezuela oil supply, OPEC has about 2.8 mln bpd of effective spare capacity

Italy industrial sales rose sharply in January

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