Oil prices slip as International Energy Agency cuts demand growth forecast

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 34.6 million barrels as trade disruptions pushed oil on water to a post pandemic high, according to the IEA. Oil deliveries have been rerouted this year due to attacks by Yemen-based Houthi militants on shipping through the Red Sea.

Inventories continued to build in April as oil on water was discharged to land, leading to an increase in onshore stockpiles, according to the IEA.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.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Eni eyes new oil and gas spin-offs in energy transition satellite strategyEni eyes new oil and gas spin-offs in energy transition satellite strategy
Fonte: Investingcom - 🏆 450. / 53 Consulte Mais informação »

Oil industry could help the Biden administration tap 'invisible' green energyThe White House wants a twenty-fold increase in geothermal energy production to fight climate change and it's counting on the oil and gas industry for help.
Fonte: KPBSnews - 🏆 240. / 63 Consulte Mais informação »

Oil industry could help the Biden administration tap 'invisible' green energyThe White House wants a twenty-fold increase in geothermal energy production to fight climate change and it's counting on the oil and gas industry for help.
Fonte: NPR - 🏆 96. / 63 Consulte Mais informação »

TC Energy's oil pipeline spin-off faces obstacles in bet on US GulfTC Energy's oil pipeline spin-off faces obstacles in bet on US Gulf
Fonte: Investingcom - 🏆 450. / 53 Consulte Mais informação »

'Bargain' energy stocks: Morningstar strategist picks 5 to buy as oil prices slide'Bargain' energy stocks: Morningstar strategist picks 5 to buy as oil prices slip
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »

Citi upgrades energy sector, says geopolitical tensions could keep oil prices higher for longerThe energy sector has gained 13% this year, outperforming the broader S&P 500.
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »