- Analytics
- News and Tools
- Market News
- IEA: Reprieve from oil price rally could be on the horizon due to rising supplies
IEA: Reprieve from oil price rally could be on the horizon due to rising supplies
The International Energy Agency (IEA) said on Tuesday that it left its forecast for oil demand growth largely unchanged at 5.5 million barrels per day (bpd) for 2021 and 3.4 million bpd in 2022, as reported by Reuters.
Additional takeaways
"US oil production will not return to pre-covid rates until the end of 2022."
"Current oil prices provide strong incentive to boost US oil activity even as operators stick to capital discipline."
"US set to account for 60% of 2022 non-OPEC+ oil supply gains, now forecast at 1.9 million bpd."
"Reprieve from oil price rally could be on the horizon due to rising supplies."
"Oil refinery activity picking up after autumn maintenance, demand set to strengthen on eased lockdowns."
"IEA predicts a further global oil production rise of 1.5 mln bpd over November and December."
Market reaction
Crude oil prices largely ignored this report and the barrel of West Texas Intermediate was last seen rising 0.4% on the day at $81.24.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
