‘Business as usual’ for oil after Saudi attacks, oversupply looms: IEA

Workers are seen at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia, on Sept. 20, 2019.Global oil markets have quickly recovered from attacks on Saudi oil facilities last month and even face oversupply next year as global demand slows, the International Energy Agency said on Friday.

“Oil markets in September withstood a textbook case of a large-scale supply disruption,” the Paris-based agency said in a monthly report, in a section headed “Business as usual.”“Prices fell back as it became clear that the damage, although serious, would not cause long-lasting disruption to markets.”

However, troubled economic prospects for 2020 prompted the IEA to reduce its forecast for oil demand growth by 100,000 bpd to a “still solid” 1.2 million bpd.

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