IEA monthly oil market report: US sanctions on Venezuela may create problems for crude quality, not quantity

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.

Key highlights:

   •  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.

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