The International Energy Agency (IEA) has stated that the oil market will shift from a surplus to a supply deficit for the entirety of 2024 if OPEC extends its production cuts until the end of the year. The IEA assumes that OPEC will continue with the voluntary cuts through 2024, prompting a change in its view on the supply-demand balance. The agency also raised its 2024 outlook on global oil demand growth.
The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC further extends its production cuts until the end of the year, the International Energy Agency IEA said on Thursday. Early this month, the members of the OPEC alliance that had pledged the Q1 cuts announced they would roll over the supply reductions until the end of the second quarter.
In its Oil Market Report for March, the IEA now assumes that OPEC would continue with the voluntary cuts through 2024, which prompted the agency to change its view on the supply-demand balance this year. “Our balance for the year shifts from a surplus to a slight deficit,” the IEA said in its closely-watched report today, although it said that the currently massive volumes of oil on water could bring some relief to the market when the cargoes reach their final destination. The IEA also raised its 2024 outlook on global oil demand growth, by 110,000 barrels per day bpd from the February report. The Paris-based agency revised up its demand growth projection to 1.3 million bpd for 2024, compared to
Oil Market Surplus Supply Deficit OPEC Production Cuts International Energy Agency IEA Supply-Demand Balance Global Oil Demand Growth
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IEA, OPEC Divergence on Oil Demand Becomes Too Big To IgnoreReuters this week reported that the divergence between IEA and OPEC demand numbers is the largest in 16 years.
Read more »
Charles Leclerc’s early impressions of Ferrari’s “healthier” 2024 F1 carCharles Leclerc has given his first impressions of Ferrari's 2024 F1 challenger.
Read more »
Everything that's changed on Mercedes' revamped W15 F1 carExplaining the changes Mercedes have made to their 2024 F1 car.
Read more »
The Best Front-Row Style At London Fashion WeekSee all the best front row looks from the autumn/winter 2024 shows in London.
Read more »
23 brilliant Mother's Day activities, events and days out 2024Discover the best Mother's Day activities, days out, events and trips around the UK this year that are fun, easy and fit any budget.
Read more »