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IEA: We are on the threshold of a very crucial stage in the oil market

9/13/2018

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 13 September 2018 12:20 PMThe International Energy Agency (IEA) said it saw signs of a decline in oil demand in some markets for its current year and 2019 estimates. "We are on the threshold of a very critical period in the oil market."
Demand for gasoline is stagnating in the United States as a result of rising prices, and demand in Europe between May and July was "continuing to fall from last year's levels," the agency said in its monthly report released on Thursday.
Demand in Japan was slow despite high temperatures, and "will be more affected by current natural disasters," she said.
At the 2019 level, the Paris-based agency says there are potential risks to its forecasts in some emerging markets. "This is partly due to the depreciation of its currencies against the US dollar, which raises the cost of imported energy."
The International Energy Agency noted that there are growing risks of escalating trade disputes.
Demand for crude will reach 100.3 million barrels per day (bpd) in the fourth quarter of 2018, falling to 99.3 million bpd in the first quarter of next year, the report said.
"The situation in Venezuela is deteriorating faster, and the conflict may return to Libya, along with the 53 days that separate us from November 4, the date for the activation of US sanctions against Iran," the agency stressed.
The United States plans to apply sanctions against Iran starting in November and targets any company that imports crude oil from Tehran.

​SOURCE


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