Demand for oil… Bloomberg

Julian Lee, Bloomberg, discusses oil markets in his latest piece, here… I focused in on his charts on IEA and OPEC revisions in demand because Andy Lebow suggested their estimates were way too high back in July (listen to the podcast)!  (He still thinks they are too high)… From the article:

”The International Energy Agency and the Organization of Petroleum Exporting Countries have both resumed cutting their forecasts for this year’s oil demand. In the past two months, the IEA has trimmed its forecast by 400,000 barrels a day, while OPEC has reduced its own by 500,000 barrels. And they may have further yet to fall. Neil Atkinson, the IEA’s Head of Oil Industry and Markets Division, said at a Bloomberg event on Thursday that the agency is “more likely to make a downgrade than an upgrade” to demand forecasts in its next monthly report.”