NEW DELHI (Reuters) – The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday. “Prices are determined by the markets…If we see the market today we see that the demand is slowing down considerably,” said IEA’s Fatih Birol, in public comments made during a two-day energy conference in New Delhi. The IEA is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters in an interview on Thursday.
Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd. But in June this year it cut the growth forecast to 1.2 million bpd. Nick Bit: this asshole calls a 300,000 lowering of PROJECTED increase to 1.2 million barrel a day increase in demand a “slowing down considerable”… he has NEVER once predicted the 6 times crude oil prices spiked!!!
“Substantial amount of oil is coming from the United States, about 1.8 million barrels per day, plus oil from Iraq, Brazil and Libya,” Birol said. Nick Bit: Holy shit this Hedge fund stooge calls a 1.8 million BPD increase in global production “Substantial” ???? WTF. Its a 100 million BPD market. with 3 million BPD lost because Venezuela is out of the game, 3.5 million BPD lost because of Iran sanction and OPEC+ cuts of 1.5 million BPD don’t count at all!!! And lets not forget the forgotten story of the civil war in Lybia
Under normal circumstances, he said, he doesn’t expect a “huge increase” in crude oil prices. But Birol warned serious political tensions could yet impact market dynamics. Nick Bit: DAH you asshole blasting and hijacking oil tankers while shooting down drones and the biggest military buildup in the straight of Hormuz does not register in his pea brain!!
Crude oil prices rose nearly 2% on Friday after a U.S. Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.