IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row

Paris-based International Energy Agency IEA in its latest monthly Oil Market Report Thursday revised higher it’s 2024 oil demand growth forecast seeing an improving outlook. This is three months in a row that the IEA has revised higher its oil demand growth forecast for this year. It should be noted that IEA’s projection is more conservative compared to the 2.25 mil bpd forecast made by OPEC this week. The agency said last month record US crude oil supply is squeezing … Continue reading “IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row”

IEA says Record US Supply Squeezing Saudis Out of Prime Markets

Paris-based International Energy Agency IEA in its latest monthly Oil Market Report Tuesday cut fourth-quarter demand growth by 400,000 barrels a day. The agency also said record US crude oil supply is squeezing Saudi Arabia out of prime markets. This is in line with the angst between the cartel members at the recent OPEC+ meeting and the failure to push oil prices significantly higher or see US production fall. Global oil demand growth is slowing sharply as economic activity weakens … Continue reading “IEA says Record US Supply Squeezing Saudis Out of Prime Markets”

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”