International Energy Agency15 Sep 2019 20:34
The International Energy Agency, which coordinates energy policies of industrialized nations, said on Saturday the markets were still well supplied despite the Saudi disruptions.
“We are massively oversupplied,” said Christyan Malek, head of oil and gas research for Europe, Middle East and Africa at J.P. Morgan, adding it would take five months of a 5 million-bpd outage to take global crude supply levels back to a 40-year normal average.
“Having said that, this attack introduces a new, irreversible risk premium into the market,” he added.