Latest monthly bulletin now out from the International Energy Agency 11 Aug
- forecast reduced on dimmer economic outlook following Brexit vote
Ah, the old Brexit chestnut again.
- raises 2017 non-OPEC oil output growth forecast by 200k bpd to 300m bpd
- our balances show essentially no oversupply during H2 2016. Hefty draw from stocks in Q3
- stock draw will increase refiners' appetite for oil asnd help pave the way to a sustained tightening of crude balance
I detect IEA fingers firmly crossed behind their back on this report.
Full bulletin here
