Global Oil Demand Hits Record and Prices May Climb, IEA Says
Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said.
OPEC’s First 2023 Outlook Shows No Relief From Oil Squeeze
OPEC’s first oil market outlook for 2023 suggests no relief for squeezed consumers, with more crude needed from the group even though most members are already pumping flat out.
IEA Cuts Oil Demand Outlook on Virus
The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in 2022.
Global Oil Demand to Hit Pre-Virus Level Next Year, IEA Says
Global oil demand will recover to pre-pandemic levels late next year, the International Energy Agency predicted, urging OPEC and its allies to keep markets balanced by tapping their plentiful spare production capacity.
OPEC Sees Demand for Its Crude Above Pre-Virus Levels in 2021
OPEC expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output.
Oil Demand to Drop This Year for First Time Since 2009, IEA Says
Global oil demand will decline this year for the first time since the 2009 financial crisis as the coronavirus slams the world economy.
Oil Extends Rally Above $50 Amid Signs Virus Spread Is Easing
Oil extended its rebound above $50 a barrel as tentative signs that Asia’s coronavirus may be easing spurred speculation that the worst of crude’s sell-off could have passed.
Oil Holds Biggest Weekly Loss Since July on Easing Gulf Tension
Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.
Oil in London Set for Biggest Weekly Gain in Eight Months
Oil in London was on track for its biggest weekly increase since January as traders waited to see whether Saudi Arabia can fulfill promises to swiftly repair critical facilities attacked last weekend.
Oil in Longest Run of Weekly Gains Since 2017 on Tight Supply
Oil in New York headed for the longest weekly winning streak since November 2017 as crises from Venezuela to Libya threatened supplies, while optimism over U.S.-China trade talks buoyed the outlook for demand.