Crude quality rather than quantity will be an important issue moving forward, the International Energy Agency said Wednesday, adding that the global market may be able to adjust to the recent US sanctions on Venezuelan state oil company PDVSA. In its monthly oil market report, the IEA kept its growth estimate for oil demand in 2019 unchanged at 1.40 million b/d while it cut its call on OPEC estimate for 2019 sharply and continued to increase its non-OPEC supply growth forecast. IEA highlighted that in 2019 the US alone will grow its crude oil production by more than Venezuela’s current output, which is “why benchmark crude oil prices have hardly changed on news of the sanctions.” “This is because, in terms of crude oil quantity, markets may be able to adjust after initial logistical […]