OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says

Oil output cuts which Saudi Arabia and Russia have extended to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency said on Wednesday, as it largely stuck by its estimates for demand growth this year and next.

“But from September onwards, the loss of OPEC+ production... will drive a significant supply shortfall through the fourth quarter,” it said in its monthly oil report. Still, oil demand at the world’s biggest oil importer has so “far remained remarkably unaffected by its economic downturn”, the IEA said.

Both the IEA and OPEC – in its monthly report published on Tuesday – are optimistic about Chinese demand over the course of 2023, leaving their global demand estimates for this year and next largely unchanged.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Oil gains as IEA adds to chorus of views seeing tight marketInternational Energy Agency became the latest voice to say oil markets face a significant deficit in the second half of this year. Read on
La source: fpinvesting - 🏆 43. / 63 Lire la suite »

Oil Holds Near Yearly High Ahead of OPEC, US Market Outlooks(Bloomberg) -- Oil held near its highest level this year before reports that may offer further insight into the market’s balances.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiThe Mighty American Consumer Is About to Hit a Wall, Investors SayTesla and China Risk Leaving Volkswagen on a Road to NowhereTech Giants Power Stock Gains as Tesla Jumps 10%: Markets WrapMorgan Stanley Sees Dojo Boosting Tesla’s Value by $500 BillionWest Texas Inte
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »