Tighter supply has fuelled an oil price rally, with Brent crude trading above US$88 a barrel on Thursday, the highest level since January.
Growth is forecast to slow to 1 million barrels per day in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast. Tighter supply has underpinned a rally in oil prices, with Brent crude trading above US$88 a barrel on Thursday, its highest since January. The IEA warned global inventories could draw down sharply over the rest of 2023, potentially driving prices still higher.
On the supply side, output has slowed considerably in recent months, spearheaded by voluntary reductions from Saudi Arabia.
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