Brent crude prices rose by $1.33, or about 1.6%, to $83.25 a barrel after prices had eased more than 2% last week. The International Energy Agency, the US Energy Information Administration, and the Organisation of the Petroleum Exporting Countries have this week updated their views on the global oil demand-supply balance for 2024. The International Energy Agency also predicted oil demand growth would plateau at 105.6m barrels per day by 2029, and be well eclipsed by supply — a full 8m barrels above projected demand — by 2030. The International Energy Agency's view for next year, and up to the 2030s, is bleak, Mr Varga noted. The US Energy Information Administration this week raised its 2024 world oil demand growth forecast to 1.1m barrels a day, while Opec stuck with its 2024 forecast of 2.25m barrels.

Source: Irish Examiner June 12, 2024 22:45 UTC