Commodities and Futures News

IEA says world oil demand ‘scaling record highs’

2023.08.11 09:16


© Reuters

Investing.com — demand is touching record high, thanks in part to a surge in air travel this summer and increased oil use in power generation, according to a new report from the International Energy Agency on Friday.

Demand touched an all-time high of 103 million bpd in June and could rise to a fresh peak this month, the IEA predicted. Overall consumption also expanded once again in the April to June period after two straight quarters of contraction.

The IEA estimated that global demand for crude would expand by 2.2M barrels per day (bpd) to 102.2M bpd this year, with China accounting for more than 70% of that growth despite continued concerns over a sputtering post-COVID recovery in the world’s top crude importer.

Meanwhile, OPEC+ production cuts may further eat away at inventories later this year, the IEA noted, giving an extra boost to prices. The Paris-based watchdog predicted that inventories could draw by 2.2M bpd in the third quarter and 1.2M bpd in the final three months of 2023 should the output reductions remain in place.

“Market balances are set to tighten further into the autumn as Saudi Arabia and Russia extend supply cuts at least through September,” the IEA said.

But the agency flagged that demand growth is expected to slow to 1M barrels per day next year, citing lackluster economic conditions as a wave of activity following the pandemic subsides. More stringent efficiency standards and the popularity of electric cars are also seen weighing on oil demand, the IEA added.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 103,574.75 0.65%
ethereum
Ethereum (ETH) $ 2,428.05 5.11%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.41 2.51%
bnb
BNB (BNB) $ 651.66 2.80%
solana
Solana (SOL) $ 171.39 1.60%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.226922 11.95%
cardano
Cardano (ADA) $ 0.807767 3.90%
tron
TRON (TRX) $ 0.260004 0.61%
staked-ether
Lido Staked Ether (STETH) $ 2,427.72 5.60%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,336.69 0.80%
sui
Sui (SUI) $ 3.95 0.62%
chainlink
Chainlink (LINK) $ 16.42 3.31%
avalanche-2
Avalanche (AVAX) $ 24.64 6.96%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,908.55 5.19%
stellar
Stellar (XLM) $ 0.305283 3.11%
shiba-inu
Shiba Inu (SHIB) $ 0.000016 5.55%
hedera-hashgraph
Hedera (HBAR) $ 0.208645 4.62%
the-open-network
Toncoin (TON) $ 3.37 3.81%
hyperliquid
Hyperliquid (HYPE) $ 25.03 0.41%
bitcoin-cash
Bitcoin Cash (BCH) $ 421.29 3.77%
usds
USDS (USDS) $ 1.00 0.01%
leo-token
LEO Token (LEO) $ 8.67 0.73%
litecoin
Litecoin (LTC) $ 102.22 4.17%
polkadot
Polkadot (DOT) $ 5.06 8.78%
weth
WETH (WETH) $ 2,424.99 5.52%
monero
Monero (XMR) $ 331.75 10.36%
bitget-token
Bitget Token (BGB) $ 4.91 9.45%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,587.16 4.55%
pepe
Pepe (PEPE) $ 0.000013 5.00%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999671 0.03%
pi-network
Pi Network (PI) $ 0.731469 0.45%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,618.76 0.78%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.18%
whitebit
WhiteBIT Coin (WBT) $ 30.29 0.16%
uniswap
Uniswap (UNI) $ 6.71 7.91%
bittensor
Bittensor (TAO) $ 445.82 3.82%
near
NEAR Protocol (NEAR) $ 3.00 4.52%
aptos
Aptos (APT) $ 5.76 3.40%
dai
Dai (DAI) $ 1.00 0.01%
aave
Aave (AAVE) $ 222.07 7.48%
okb
OKB (OKB) $ 54.45 2.43%
ondo-finance
Ondo (ONDO) $ 1.03 2.31%
susds
sUSDS (SUSDS) $ 1.05 0.03%
ethereum-classic
Ethereum Classic (ETC) $ 19.63 3.41%
internet-computer
Internet Computer (ICP) $ 5.49 3.36%
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00 0.00%
crypto-com-chain
Cronos (CRO) $ 0.100478 0.03%
official-trump
Official Trump (TRUMP) $ 14.09 0.01%