IEA comments on recent oil market developments in its monthly report
- Rising stocks should be welcomed as a form of insurance, rather than a threat
- Inventories in developed nations have increased for four straight months
- Set to jump to 2 mil bpd in the next half-year if current output is maintained
- Record output from Saudi, Russia, US more than offsets declines from Iran, Venezuela
Well, for the global economy it's a good thing as lower oil prices will at least help ease the burden faced by oil importers and that will help with global growth. But I highly doubt that lower oil prices will be welcomed by OPEC+ members as they already are facing a threat of losing market share to the US.
