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Crude Oil Week Ahead: OPEC Report, IEA Report, and Supply Concerns
Historically, global oil demand averaged 1.4 million barrels per day (mb/d) prior to COVID-19. In its September report, OPEC downgraded its demand growth forecast for 2024 to 2.0 mb/d and 1.7 mb/d for 2025, with supply growth projections of 1.2 mb/d in 2024 and 1.1 mb/d in 2025. However, recent developments, including Chinese economic stimulus measures and escalating geopolitical tensions, could impact these forecasts. This week’s OPEC report will be closely monitored for any updates reflecting these evolving conditions. IEA Monthly Report Similarly, the International Energy Agency (IEA) has also adjusted its oil ... (full story)
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- Posted: Oct 13, 2024 4:41pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 152
