The failure to build a geopolitical risk premium following the tanker attacks in the Gulf of Oman could indicate that the market is either sceptical of the narrative with regards to who did it, or that demand worries simply weigh too heavily at this stage. The monthly oil market reports from the Energy Information Administration, Opec and the International Energy Agency all showed another downgrade to world oil demand while non-Opec supply growth was kept stable at almost one million barrels/day above demand. The IEA said that non-Opec supply would, barring any geopolitical shock, “swamp” the market in 2020, thereby leaving no room for Opec to reclaim lost market share.