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- WTI battles $87 mark after IEA says oil demand growth is set to halt in Q4 2022
WTI battles $87 mark after IEA says oil demand growth is set to halt in Q4 2022
In its latest oil market report, the International Energy Agency (IEA) sounded downbeat on the oil demand growth prospects amid an economic slowdown globally.
Additional takeaways
More supply from Libya, Saudi Arabia and the uae offset by losses in Nigeria, Kazakhstan and Russia.
Russian oil exports rose by 220,000 bpd in august to 7.6 mln bpd, down 390,000 bpd from pre-war levels.
Oecd industry stocks rose by 43.1 mln barrels to 2.705 bln barrels, 274.9 mln barrels below five-year average.
Jet fuel dominates demand growth as road fuel consumption wanes.
World oil production rose 790,000 bpd in august to 101.3 mln bpd.
Oil use for power generation to hit 700,000 bpd during 4Q22 and 1Q23.
Demand growth is set to halt in 4Q22 but rise 2.1 mln bpd in 2023.
Lowers forecast for 2022 world oil demand growth by 110,000 bpd to 2 mln bpd.
Faltering Chinese economy, slowdown in OECD countries undercutting demand.
Market reaction
WTI is keeping the red around the $87 mark amid IEA’s dire oil demand outlook. The US oil is down 0.25% on the day to trade at $87.09, as of writing. The black gold hit a daily low of $86.75 on the release of the above report.
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