IEA monthly oil report: 2019 oil demand growth forecast cut by 100,000 bpd

In its latest monthly report on the oil market, the International Energy Agency (IEA) revised down the 2019 oil demand growth forecast by 100,000 bpd to 1.2mln bpd.

Additional Highlights:

World oil demand to accelerate to 1.4 mil bpd in 2020.

But will be offset by production surge to 2.3 mil bpd at the same time.

Notes that ongoing US shale boom as main reason.

Despite OPEC efforts, they are still pumping much more oil than required.