The International Energy Agency (IEA), in its monthly oil market report, maintained 2019 global oil demand growth forecast of 1.4 million bpd vs. 1.3 million bpd in 2018.
• Raises non-OPEC oil supply growth forecast for 2019 to 1.8 mbpd from 1.6 mbpd prior.
• Cuts forecast for demand for OPEC crude to 30.7 mbpd in 2019 from 31.6 mbpd.
• The political crisis in Venezuela risks disrupting the global crude market.
• US sanctions on Venezuela may create problems for crude quality, not quantity.
• Oil market still working off the surpluses built up in H2 2018.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.