IEA raises 2021 demand outlook. OPEC supply cuts at 23.5M barrels per day, lower then previous daily average of 23.9M, the latest IEA report says. The oil market shows fragile signs of recovery after the global pandemic, forecasters remain reserved about the last quarter of 2020 and early 2021.
- The global oil supply rose by 2.5M barrels per day to 90M in July while the global oil demand is expected to be 91.9M barrels per day in 2020, down 8.1M barrels year over year.
- IEA cuts 2020 global demand for oil contraction from -8.1M barrels per day to -8.4M barrels per day. Demand expected at 91.7M vs. 91.9M.
- The global refinery intake is recovering, but runs will still decline by 6.9 M barrels per day, while the forecast for 2021 is a rebound by 4.5 M barrels per day.
Overall, OECD oil inventories are at 3.225 billion barrels, an increase of 13.5 million over the 5-year average.
Crude Oil is up 1.07%