IEA Warns Crude Supply Crunch Beckons in Oil Market Report

Paris-based International Energy Agency IEA warned in its latest monthly Oil Market Report Tuesday that the fall in crude oil prices ignores Chinese demand and imminent supply crunch. However, it has to be said that the Chinese reboot after Covid Zero has not gone as IEA and OPEC had hoped. The IEA forecasts global oil demand to rise by 2.2 mil bpd in 2023 to a record 102 mil bpd noting that current market pessimism stands in stark contrast to … Continue reading “IEA Warns Crude Supply Crunch Beckons in Oil Market Report”

IEA Raise U.S. Oil Production Outlook as Global Oil Demand Strengthening

The International Energy Agency released it’s November Oil Market Report Tuesday making no adjustments to its 2021 global oil demand outlook. The IEA projected unchanged worldwide oil consumption, to rise by 5.5 million barrels per day (bpd) this year. They project expected demand weakness stemming from COVID-19 spreads across Europe would be offset by rising gasoline and jet fuel consumption from the reopening of international air travel. IEA November Highlights Global supplies “leapt” by 1.4 million barrels per day (mbd) … Continue reading “IEA Raise U.S. Oil Production Outlook as Global Oil Demand Strengthening”