IEA: Sees global oil market moving into deficit by Q2 2019 on 100% OPEC compliance with supply deal

The International Energy Agency (IEA), in its December monthly oil market report published this Thursday, kept global oil demand growth forecast for 2018 and 2019 at 1.3 million bpd and 1.4 million bpd, respectively.

Key Points:

   •  Raises 2019 call on OPEC crude by 300,000 bpd to 31.6 million bpd.
   •  Sees global oil market moving into deficit by Q2 2019.
   •  Assuming 100% OPEC compliance with supply deal.