IEA out with their latest forecasts and September numbers
- Forecasts 2015 oil demand growth +60bpd to 1.77m. 5 year high
- Cuts 2016 by 150kbpd to 1.21m
- Raises non-OPEC output by 150k for 2015 and 110k for 2016 on supply from Russia, Brazil and Canada
- Cuts 2016 OPEC demand (plus stocks) by 200k to 31.1m
- Says OPEC supply rose 90k in Sep to 31.72m. Iraq supply offset Saudi drop (-80k in Sep)
- Total OECD crude stocks rose 28.8m to 2.943bn in August
- Says marked slowdown in demand growth and extra Iran supply is likely to keep market oversupplied through 2016
Brent sits on the lows following yesterday's drop
