IEA report: Oil prices could break above $80 per barrel as Iran, Venezuela situations intensify

The International Energy Agency (IEA), in its monthly Oil Market Report released, this Thursday, revealed that global oil supply reached a record 100 million barrels per day (bpd) in August.

Key highlights:

   •  Higher output from OPEC managed to more than offset seasonal declines from non-OPEC members.
   •  August saw OPEC's crude supply hit a nine-month high of 32.63 million bpd.
   •  Non-OPEC supply was also up 2.6 million bpd in August, led by the US.
   •  Warns of higher oil prices as the situation in major producers - Venezuela and Iran, intensify.
   •  Oil prices could break out above $80 per barrel unless other producers act to offset deepening supply losses.
   •  There is a risk to the 2019 outlook for demand as well.
   •  Cites challenges in emerging markets such as currency depreciation and trade disputes.
   •  For now, the risks aren't enough to change forecasts just yet.