The IEA predicts oil demand will rise by 2.3 million b/d in 2022 and by a further 1.7 million b/d in 2023, noting the contrast between strong gasoil and diesel use, especially in non-OECD economies, and weak petrochemical consumption in Europe and Asia.

he initial release of 60 mbl accounts for 4% of those stockpiles (1.5 Gbl) and would represent 2 mbl/d for 30 days

Under a Memorandum of Understanding signed by IAEA Director General Rafael Mariano Grossi and IEA Executive Director Fatih Birol, the two organizations will share data, statistics, energy modelling tools, policy analysis and research.

Global oil demand increased by 900 kb/d y-o-y in 3Q19, the strongest annual growth in a year. Nearly three-quarters of the growth occurred in China.

The Strait of Hormuz is a vital maritime transit route for world energy trade. About 20 million barrels of oil transit each day through the Strait, or about 20% of global supply. It is also the route for around a quarter of global liquefied natural gas trade.

Demand for natural gas grew 4.6% in 2018, its fastest annual pace since 2010, according to the IEA’s latest annual market report,

IEA - Our headline growth estimate for 2019 has changed little since the middle of last year, but this month we cut it by 90 kb/d to a still healthy 1.3 mb/d.

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

IEA - If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere.