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- IEA Oil Market Report: Oil demand growth estimates for 2020 unchanged at 1.2mln bpd
IEA Oil Market Report: Oil demand growth estimates for 2020 unchanged at 1.2mln bpd
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US-Iran tensions and Iraqi protests had only minimal impact on oil operations.
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Iraq oil supply potentially vulnerable amid rising political risks in the region.
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But fragile situation may limit Iraq's plans to expand oil production capacity.
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US-Iran de-escalation means major threat to oil supplies appears to have receded.
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IEA keeps oil demand growth estimate for 2020 at 1.2 mln bpd on subdued prices, higher GDP growth and trade war progress.
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Global oil demand rose by 955,000 bpd year on year to 101.1 mln bpd in October.
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OECD oil demand set to fall by 115,000 bpd in 2019 but grow by 275,000 bpd in 2020.
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Global oil supply fell 780,000 bpd in Dec month on month due to Saudi cuts, seasonal decline of biofuels.
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OPEC crude production fell in December by 180,000 bpd month on month to 29.44 mln bpd.
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Demand for OPEC crude set to fall to 28.5 mln bpd during H1 2020.
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Non-OPEC supply growth set to expand from 2 mln bpd in 2019 to 2.1 mln bpd in 2020.
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OECD oil stocks fell by 2.9 mln barrels in Nov to 2.912 bln barrels, 8.9 mln above 5-year average.
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