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ForennameÖsterreichische Aktien im In- und Ausland
Betreff des ThemasInternational agencies published their latest oil market reports
URL des Themashttps://aktien-portal.at/forum/../forum/boerse-aktien.php?az=show_topic&forum=124&topic_id=205343&mesg_id=210897
210897, International agencies published their latest oil market reports
Eingetragen von Warren Buffett, 15.7.19 06:31
International agencies published their latest oil market reports recently. OPEC kept 2019 demand growth unchanged and forecasted their first estimate for 2020 at 1.14mbd. On the supply side, they revised down 2019 non-OPEC supply by 95kbd to 2.05mbd due to OPEC+ agreement in Vienna and printed the initial 2020 growth forecast of 2.4mbd. IEA kept 2019 oil demand growth unchanged and non-OPEC supply was revised up marginally in their latest edition of monthly Oil Market Report. The agency reported an increase in OECD oil inventories by 22.8mn bbl in May, which was 6.7mn bbl higher than the 5-year average. For 2020, IEA kept oil demand growth unchanged at 1.4mbd after initiating 2020 balances in their June report for the first time. They reduced non-OPEC supply growth to 2.1mbd as they lowered their estimates for Russia and Oman following the decision made by OPEC+ to extend the existing cuts in Vienna. They expect demand for OPEC crude to fall by 800kbd in 2020 vs 2019. Our strategists have been highlighting a 2020 surplus since early 2019 and have further highlighted the risk to the downside from weak balances in 2020 in their last quarterly report.

JPMorgan
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