IEA raises 2023 global oil demand growth forecast by 100k BPD; raises 2024 forecast by 50k BPD; says oil market is less tight than expected as supply climbs
- With oil demand growth set to slow, the market could shift into a surplus at the start of 2024.
- Russia-Saudi oil cuts to keep the market in significant deficit through year end.
- Chinese oil demand rose to a record high of 17.1mln VPD in Sept.
- There has been no material impact on oil supply from the Israel-Hamas war.
- Russian oil exports eased by 70k BPD in Oct to 7.5mln BPD.
Reaction details (09:00)
- Little reaction seen in the crude complex.
Analysis details (09:00)
- OPEC’s report modestly upgraded its 2023 forecast by 100k BPD while maintaining its 2024 forecast, whilst the EIA’s monthly report downgraded its 2023 metric by 300k BPD but upped its 2024 forecast by 80k BPD
14 Nov 2023 - 09:00- EnergyImportant- Source: Newswires
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