In April, the Organization of the Petroleum Exporting Countries plus allies including Russia, pledged to slash output by more than 1.6 million barrels a day through the end of the year in a bid to lift falling oil prices. This was followed in July by the announcement of additional cuts by Saudi Arabia — the world’s biggest exporter of crude oil — and an extension of the OPEC+ targets through the end of 2024.
The IEA reiterated its previous forecast that global oil demand will rise by an average of 2.2 million barrels per day this year to a record 102.2 million barrels per day. Rising oil prices have caused a recent jump in US gasoline prices, which hit an average of $3.84 a gallon Friday. Natural gas prices have also climbed recently, driven by fears that strikes in Australia could reduce exports of liquefied natural gas. The upward pressure on oil prices could ease next year.
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