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Oil prices slip as International Energy Agency cuts demand growth forecast

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World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month’s projection.

World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection.

Global crude inventories surged in March by 34.6 million barrels as trade disruptions pushed oil on water to a post pandemic high, according to the IEA. Crude oil futures edged lower Wednesday as the International Energy sees global demand growing less than originally forecast this year.World oil demand is forecast to grow by 1.1 million barrels per day this year, down 140,000 bpd from last month's projection as demand in developed economies softened in the first quarter, according to an IEA report.Global crude inventories surged in March by 34.

OPEC+ will likely take a close look at global inventories to gauge the balance between supply and demand at its June meeting, according to the IEA. Some OPEC+ members have implemented voluntary production cuts of 2.2 million bpd to support crude prices. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyThis solar stock is poised for 50% upside as demand strengthens on data center surge, Goldman saysCicadas IllinoisAn Illinois state park was just ranked among the best places to camp in the Midwest — and it's not the one you might think

 

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