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Executive director of the International Energy Agency, Faith Birol (center). Photo: Riccardo De Luca/Anadolu Agency/Getty Images

The International Energy Agency warned Friday that higher prices may bring global economic headwinds — even though crude oil markets are adequately supplied for the moment and the agency has trimmed its demand growth forecast.

What they're saying: "[O]ur position is that expensive energy is back, with oil, gas and coal trading at multi-year highs, and it poses a threat to economic growth," IEA said in its closely watched monthly oil market report.

The big picture: The Paris-based agency revised its oil demand growth forecast downward for 2018 and 2019 by 110,000 barrels per day each year.

  • "This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data," they said. IEA now sees demand rising by 1.3 million barrels per day (mpd) this year and 1.4 mpd in 2019.

What's next: Despite the forces trimming growth, the world still needs lots of oil and several sources are at risk, including Iran, which is seeing exports fall thanks to looming reimposition of U.S. sanctions. Per IEA...

  • Global oil demand is on the cusp of the "historically significant" 100 mbd mark.
  • While the market has enough supplies "for now," Iran's exports are slated to fall even more, Venezuela is deteriorating, and there's the "ever-present" threat of more Libyan disruption.
  • "[W]e cannot be complacent and the market is clearly signalling its concerns that more supply might be needed."

Where it stands: Prices are at their highest levels since 2014, but actually fell by several dollars on Wednesday and Thursday.

  • Traders responded to forces including the stock market slide, OPEC trimming its demand growth forecast on Thursday, and DOE data showing a jump in U.S. stockpiles.
  • Today, prices are ticking back upward slightly and Brent crude reached $80.62 a barrel when we sent this newsletter. But per Reuters, Brent prices are still on course for their biggest weekly drop in roughly four months.

Go deeper

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Pfizer and BioNTech's coronavirus vaccine is safe and effective in children ages 5 to 11, albeit at a lower dose than adults receive, the companies said in a press release announcing results from a pediatric trial.

Why it matters: The trial results are a much-needed source of hope for families with elementary school-aged children, who currently aren't eligible for a vaccine.

The pandemic made our workweeks longer

Illustration: Annelise Capossela/Axios

The average American's workweek has gotten 10% longer during the pandemic, according to a new Microsoft study published in Nature Human Behaviour.

Why it matters: These longer hours are a key part of the pandemic-induced crisis of burnout at U.S. firms — and workers are quitting in droves.

Mike Allen, author of AM
60 mins ago - Economy & Business

Airbnb CEO Brian Chesky to herald "travel revolution"

Expand chart
Data: TSA. Chart: Jared Whalen/Axios

Airbnb CEO Brian Chesky will argue this week that the world is undergoing a "travel revolution," in which some parts of the industry stay shrunk but the sector ultimately comes back "bigger than ever."

Why it matters: Chesky, who faced the abyss when the world shut down last year, foresees a significant shift in how people move around, with more intentional gatherings of family, friends and colleagues — even if routine business travel is never what it once was.