IEA oil demand: The International Energy Agency released its monthly oil market report on Friday, and given the growing concerns over demand growth, it was no surprise to see that the agency revised lower their demand growth forecasts for 2019 and 2020 by 100Mbbls/d and 50Mbbls/d, to 1.1MMbbls/d and 1.3MMbbls/d respectively. According to the IEA, global oil demand fell by 160Mbbls/d YoY in May, and cumulative demand growth over the first five months of this year was just 520Mbbls/d. Meanwhile looking at supply, OPEC continues to tighten the market, with the Saudis are cutting more than their agreed quota. These OPEC ... (full story)