Tag: Oil

The world’s leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day.

Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concern over a global economic slowdown and the potential for further increases to U.S. interest rates.

Global oil demand will rise to 110 million barrels a day in about 20 years, pushing the world’s energy demand up by 23%, said OPEC on Monday.

Oil prices lost some of last week’s gains Monday on fears about China’s growth ahead of expectations Beijing will cut another key interest rate Tuesday.

Global oil demand growth will trickle nearly to a halt in the coming years and peak this decade, according to the International Energy Agency, with Chinese consumption set to slow down after an initial pent-up recovery.

Goldman Sachs analysts slashed their oil price forecast by almost 10% on the back of whey they see as increasing supply and slower demand for crude.

The Energy Information Administration on Tuesday raised its oil-price forecasts for this year and next, and said it expects U.S. production to hit record highs as global supplies tighten following a decision by major oil producers last weekend to extend their production cuts through 2024.

Oil prices rose following OPEC kingpin Saudi Arabia’s decision to cut production by another million barrels per day.

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.

Saudi oil minister Prince Abdulaziz bin Salman on Tuesday told market speculators to “watch out,” reiterating his warning that they could face pain ahead.

Oil futures opened higher on Friday, recovering from losses booked a day earlier as investors continued to monitor U.S. debt-ceiling talks as well as evidence of demand from China.

State oil giant Saudi Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices.