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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

Updated 45 mins ago - Politics & Policy

British national named in Colleyville synagogue standoff

A law enforcement vehicle sits near the Congregation Beth Israel synagogue on Jan. 16. Photo: Brandon Bell/Getty Images

British national Malik Faisal Akram took four people hostage at a Texas synagogue outside Fort Worth on Saturday, the FBI said in a statement.

State of play: Authorities had initially declined to release the name of the 44-year-old suspect or identify the hostages, all adults, though police chief Michael Miller confirmed that one of those held was Rabbi Charlie Cytron-Walker, who leads the congregation.

Updated 57 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Concerns grow over CDC's isolation guidelines — Experts warn of more COVID-19 variants after Omicron — WHO recommends 2 new treatments — What "mild" really means when it comes to Omicron — Deaths are climbing as cases skyrocket.
  2. Vaccines: America's vaccination drive runs out of gas— Puerto Rico expands booster shot requirements— Supreme Court blocks Biden's vaccine mandate for large employers.
  3. Politics: Vivek Murthy calls SCOTUS vaccine mandate block "a setback for public health" — Focus group says Biden weak on COVID response, strong on democracy
  4. Economy: America's labor shortage is bigger than the pandemic— — CDC COVID guidance for cruise ships to be optional starting Saturday — The cost of testing.
  5. States: West Virginia governor feeling "extremely unwell" after positive test — Youngkin ends mandates for masks in schools and COVID vaccinations for state workers — America struggles to keep schools open
  6. World: Beijing reports first local Omicron case weeks before Winter Olympics — Teachers in France stage mass walkout over COVID protocols.
  7. Variant tracker
6 hours ago - Sports

Novak Djokovic loses Australian visa appeal

Novak Djokovic of Serbia plays a forehand during a practice session ahead of the 2022 Australian Open at Melbourne Park on January 14, 2022. Photo: Daniel Pockett/Getty Images

Tennis star Novak Djokovic left Australia on Sunday evening, facing a three-year visa ban after an appeals court in the country revoked his visa.

Driving the news: Djokovic will not be able to defend his Australian Open title when the tournament starts in Melbourne. The World No. 1 is looking to break a three-way tie with Roger Federer and Rafael Nadal for most Grand Slam men's singles titles.