The global oil market is tightening due to sharp production falls in Saudi Arabia and Venezuela, the International Energy Agency said Thursday, but cautioned there are still “mixed signals” over the outlook for oil consumption and stock levels. In its monthly oil market report, the IEA kept its estimates for global oil demand unchanged at 1.3 million b/d in 2018 and 1.4 million b/d in 2019, but warned “risks are currently to the downside”. With Brent oil futures having recently risen above $70 a barrel this month from a nadir of $50 at the end of 2018, the Paris-based agency was keen to point out that “the IEA has regularly warned of the dangers […]