The International Energy Agency (IEA) says oil market tightening with Omicron impact muted. Says despite Omicron, oil demand rose in 4Q by 1.1M to 99M bpd; they raise 2021 global oil demand growth by 200K bpd to 5.5M bpd and they see oil demand growing another 3.3M bpd in 2022.
(Bloomberg) -- Oil climbed to the highest since October
2014 as the IEA said the market looked tighter than previously
thought, with demand proving resilient to omicron; Turkey
reopened a key crude pipeline running from Iraq after it was
knocked out by an explosion on Tuesday.
> WTI trading near $86/bbl this morning.
> If demand increases 3.3 million bpd this year (with most of the growth coming in Q2), it will take every drop of OPEC+ spare capacity to keep the global oil market in balance.
IEA bullish on oil as demand increases - Jan 19
IEA bullish on oil as demand increases - Jan 19
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: IEA bullish on oil as demand increases - Jan 19
Dwindling OPEC+ Spare Capacity Sets Oil Up for Sizzling Summer
by Grant Smith for Bloomberg
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies -- potentially setting up crude prices for a sizzling summer.
https://www.bloomberg.com/news/articles ... ing-summer
by Grant Smith for Bloomberg
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies -- potentially setting up crude prices for a sizzling summer.
https://www.bloomberg.com/news/articles ... ing-summer
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group