The International Energy Agency (IEA) lowered global oil demand forecasts for this year and next year by releasing its monthly oil market report on Friday (today).
The main topics that were stated:
World oil demand fell by 1600,000 bpd in May, year-on-year. This is the second annual decline in 2019.
OPEC oil demand fell for three quarters in a row for the first time since 2014.
World oil demand rose by 520,000 million barrels from January to May, the lowest increase since 2008.
World oil supply remained above 100 million barrels a day in July, but for the first time since November 2017, it was below the early levels of the year.
Non-OPEC oil supply declined 1.4 million barrels a day in July, year-on-year.
Reserves of Epic oil rose 31.8 million barrels in June to 2.961 billion barrels, up 66.9 million barrels from the five-year average.