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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

Brazil begins distributing AstraZeneca coronavirus vaccine

Containers carrying doses of the Oxford/AstraZeneca vaccine arrive in Brazil. Photo: Maurio Pimentel/AFP via Getty Images

Brazil on Saturday began distributing the 2 million doses of the AstraZeneca coronavirus vaccine that arrived from India Friday, Reuters reports.

Why it matters: Brazil has the third highest COVID-19 case-count in the world, according to Johns Hopkins University data. The 2 million doses "only scratch the surface of the shortfall," Brazilian public health experts told the AP.

Sullivan speaks with Israel's national security adviser for the first time

Israeli national security adviser Meir Ben Shabbat U.S. Photo: Mazen Mahdi/Getty Images. U.S. national security adviser Jake Sullivan. Photo: Chandan Khanna/Getty Images

U.S. national security adviser Jake Sullivan spoke on the phone Saturday with his Israeli counterpart Meir Ben Shabbat, Israeli officials tell Axios.

Why it matters: This is the first contact between the Biden White House and Israeli prime minister's office. During the transition, the Biden team refrained from speaking to foreign governments.

Biden speaks to Mexican president about reversing Trump's "draconian immigration policies"

Mexican President Andrés Manuel López Obrador. Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

President Biden told his Mexican counterpart, Andrés Manuel López Obrador, on a phone call Friday that he plans to reverse former President Trump’s “draconian immigration policies.”

The big picture: The Biden administration has already started repealing several of Trump’s immigration policies, including ordering a 100-day freeze on deporting many unauthorized immigrants, halting work on the southern border wall, and reversing plans to exclude undocumented people from being included in the 2020 census.