IEA revises down oil demand outlook by around 100,000 bpd for both 2021 and 2022

IEA revises down oil demand outlook by around 100,000 bpd for both 2021 and 2022.

If OPEC+ continues to unwind cuts, oil surplus of 1.7 mln bpd could materialize in 1Q22, 2 mln bpd in 2Q22.

Saudi Arabia and Russia could hit record annual production levels in 2022 if OPEC+ cuts fully unwound.

OECD industry stocks fell by 21 mln barrels in oct to 2.737 billion barrels, 240 mln barrels below the five-year average.

The biggest single increase in oil output came from the US for the second month in a row.

Global supply could soar by 6.4 mln bpd next year compared with a 1.5 mln bpd rise in 2021.

World oil supply set to overtake demand starting this month.

Demand for road transport fuels and petrochemical feedstocks to continue to grow but jet fuel use will fall.

New COVID-19 cases are expected to temporarily slow but not upend recovery in oil demand.

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