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- IEA revises down oil demand outlook by around 100,000 bpd for both 2021 and 2022
IEA revises down oil demand outlook by around 100,000 bpd for both 2021 and 2022
In its monthly oil market report, the International Energy Agency (IEA) revised down oil demand outlook by around 100,000 bpd for both 2021 and 2022, citing the emergence of the Omicron variant to dent global demand for oil.
Key points
If OPEC+ continues to unwind cuts, oil surplus of 1.7 mln bpd could materialise in 1Q22, 2 mln bpd in 2Q22.
Saudi Arabia and Russia could hit record annual production levels in 2022 if OPEC+ cuts fully unwound.
OECD industry stocks fell by 21 mln barrels in oct to 2.737 billion barrels, 240 mln barrels below five-year average.
Biggest single increase in oil output came from the US for a second month in a row.
Global supply could soar by 6.4 mln bpd next year compared with a 1.5 mln bpd rise in 2021.
World oil supply set to overtake demand starting this month.
Demand for road transport fuels and petrochemical feedstocks to continue to grow but jet fuel use will fall.
New COVID-19 cases are expected to temporarily slow but not upend recovery in oil demand.
Market reaction
WTI has eased from daily highs of $71.80 on the IEA report. The US oil now trades at $71.52, still adding 0.74% on the day.
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