IEA raised the forecast for 2020 oil demand by nearly 500,000 bpd due to stronger than expected imports in Asia.

Floating storage of crude oil in May fell by 6.4 mil barrels m/m to 165.8 mil barrels

Global oil supply fell by 11.8 mil bpd in May

Helped by OPEC+ countries reducing output by 9.4 mil bpd

Sees oil demand next year to rise by 5.7 mil bpd, but still lower than in 2019

Oil demand next year to remain 2.4 mil bpd below 2019 levels

Reduced jet and kerosene deliveries will impact total oil demand until at least 2022.

Less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022.

On OPEC+, they made a "strong start" and delivered 89% of its pledge to cut output

Rising prices could pose a problem: