Oil markets in a temporary albeit tenuous balance

Aran News Saudi Arabia18 Aug, 2020News

Agency�s (IEA) August oil market report, which was released last week, because it does see a slight supply overhang for the rest of the year. On the other hand, though, the slight downward revisions on demand could prove somewhat worrisome. The IEA forecasts oil demand for 2020 to come in at 91.9 million barrels per day (bpd), down by 140,000 bpd compared to a month ago. The agency equally trimmed down its 2021 forecast by 240,000 bpd to 97.1 million bpd. These forecasts stand against oil demand of about 100 million bpd in 2019.