IEA slashes oil demand growth estimates for 2019 and 2020 by 100,000 bpd

The International Energy Agency (IEA) is out with its monthly oil market report, with the key highlights noted below.

Global oil supply fell by 1.5 mln bpd in Sept to 99.3 mln bpd after attacks on Saudi oil sites.

Saudi crude supply in September plunged 770,000 bpd to 9.02 mln bpd, the lowest since 2011.

Attacks put about 6% of global oil supply offline in largest single loss of crude volume in modern history.

Saudi exports to biggest customer China rose by 20,000 bpd to 1.6 mln bpd in September.

Lower 2020 oil demand growth estimate reflects weaker economic forecasts.

Non-OPEC supply growth, led by US, brazil and Norway, to rise from 1.8 mln bpd to 2.2 mln bpd in 2020.

Stock draws likely in q4, even with swift recovery of Saudi output and steady supply from rest of OPEC.

OPEC crude oil output fell to 10-year low of 28.8 mln bpd in September.

Sees demand for OPEC crude falling in 2020 to 29 mln bpd.

OECD oil stocks rose 20.8 mln barrels in Aug to 2.974 bln barrels, 43.1 mln above 5-year average.

Reduces oil demand growth estimates for 2019 and 2020 by 100,000 bpd, to 1 mln bpd and 1.2 mln bpd respectively.

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