- Analytics
- News and Tools
- Market News
- WTI struggles near $82 after IEA warns of risks to global economic recovery
WTI struggles near $82 after IEA warns of risks to global economic recovery
In its latest oil market report published on Friday, the International Energy Agency (IEA) said that “OPEC+ supply cuts risk aggravating expected oil supply deficit in H2 2023,” which could lead to high prices that will hurt consumers and threaten economic growth.
Additional takeaways
OECD industry stocks in Jan surged by 53 mln barrels to 2.830 bln barrels, highest since July 2021.
Russian oil exports in March rose to highest since April 2020, with oil shipments rising by 600,000 bpd.
Russian oil product flows returned to levels last seen before Russia invaded Ukraine.
Rising global oil stocks may have contributed to OPEC+ decision.
Gains of 1 mln bpd from non-OPEC+ starting in March will fail to offset a 1.4 mln bpd decline from OPEC+.
Extra cuts by OPEC+ will push world oil supply down 400,000 bpd by end-2023.
Oecd demand contracted by 390,000 bpd YoY in Q1 due to weak industrial activity, warm weather.
Non-OECD countries led by China will make up 90% of demand growth.
Global oil demand is set to rise by 2 mln bpd in 2023 to a record 101.9 mln bpd.
Market reaction
WTI is struggling near the $82 mark after IEA’s oil market outlook. The US oil is losing 0.41% on the day.
© 2000-2025. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
