OPEC and the International Energy Agency delivered bad news for the oil market this week. Both authorities revised their oil demand forecasts for this year, and both revised them downwards. But it is not just demand that will continue to weigh on oil prices. Supply is excessive and likely to remain so until the end of next year. On Monday, OPEC said in its Monthly Oil Market Report that it expected oil demand this year to shrink by 9.5 million bpd. That’s an upward revision of 400,000 bpd, from an expected contraction of 9.1 million bpd in August. A day later, the IEA, in the latest release of its Oil Market Report, said it expected demand this year to contract by 8.4 million bpd. That’s a larger demand growth contraction than they were anticipated in the previous month, when the oil industry body expected a smaller contraction of 8.1 […]