IEA sees oil market stuck between no major slowdown but stalled recovery

Keisuke Sadamori, the International Energy Agency (IEA) Director for Energy Markets and Security, told Reuters on Monday, “there is an enormous amount of uncertainty, but we do not expect any additional serious slowdown in the coming months,” per Reuters.

Key quotes

"Even though (the market is) not expecting real robust growth coming back soon, the view on demand is more stable compared with three months ago," 

"It doesn't seem like a massive stock draw seems to be happening yet.”.

"We are not seeing a robust pickup in refining activity, and jet fuel is the big problem."

Geopolitical tensions could call into doubt "to what extent it can be sustainable and last long.”

"There are so many uncertainties with regard to the Chinese economy and their relationship with key industrialized countries, with the US and these days, even Europe. It's not such an optimistic situation - that casts some shadow over the growth outlook".