IEA Sees Market Well Supplied

Oil prices: IEA, OPEC weigh in with forecasts

Western Canadian Select Crude is selling at its biggest discount on record compared with West Texas Intermediate as many Canadian oil producers fetch more than $50 US-a barrel less than American sellers.

With Brent crude prices now "established" above $80/b, "expensive energy is back, with oil, gas and coal trading at multi-year highs, and it poses a threat to economic growth", the IEA said.

The IEA warned that recent peaks in supply and demand have put a strain on spare capacity. The IEA said the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next. The week saw oil prices tumble on the back of higher inventories and weakness in the USA equity market.

The monthly report by the International Energy Agency (IEA) on Friday weighed on crude markets. The global economy is also at risk from trade disputes.

The world is pumping out more oil and other petroleum liquids than ever before.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other exporters such as Russian Federation agreed in June to raise output as the market appeared increasingly tight.

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The output increase from the second quarter was led by OPEC, which boosted production by 500,000 barrels a day, and the Americas, which saw a rise of 400,000 barrels a day. US crude added 28 cents to $71.25 a barrel.

Crude inventories climbed by 6 million barrels in the week to October 5, the U.S. Energy Information Administration reported, compared with analyst expectations for an increase of 2.6 million barrels.

"We agreed that high oil prices are hurting consumers and that extra barrels will need to come to the market soon to avoid further tightening", Fatih Birol, executive director of the Paris-based International Energy Agency, said Friday in Twitter.

United States oil production reached a record-high 15.6 million b/d in July, up 2.4 million b/d year on year, while United States offshore production in the Gulf of Mexico rose by 190,000 b/d to a record-high 1.85 million b/d, it said.

In the U.S. Gulf of Mexico, producers had cut output by 40 percent on Thursday due to Hurricane Michael, even as some operators began returning crews to offshore platforms.

Michael made landfall in Florida on Wednesday as the third most powerful hurricane to strike the USA mainland, though it has since weakened to a tropical storm.

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