There is worldwide shortage in the oil market due to the interventions in production by the oil cartel OPEC. The International Energy Agency (IEA) also warns in its monthly report of a possible shrinking demand due to current economic conditions and all in all speak of mixed signals. The OPEC and partners such as Russia decided earlier on a production limitation in order to support the prices. On top of these measures is the reduced export of oil from Venezuela and Iran. Macroeconomic uncertainties can take their toll on oil demand, the IEA said. The experts mean, among other things, trade tensions between China and the US, the Brexit and the global slowdown predicted by the IMF. The IEA maintained its forecast for global oil demand growth in 2019. Demand is expected to grow by 1.4 percent per day.
