2024-02-16 13:57:12
Oil prices are rising on Tuesday afternoon, traders are assessing the statements of the head of the International Energy Agency, Fatih Birol, and awaiting the publication of OPEC’s monthly market report.
As Day.Az reports with reference to Interfax, April Brent futures rose in price on the London ICE Futures exchange by $0.63 (0.77%) to $82.63 per barrel. By this time, March futures for WTI had risen in price on the NYMEX exchange by $0.57 (0.74%), to $77.49 per barrel.
Global oil demand in 2024 will increase by 1.2-1.3 million barrels per day (b/d). This will be easily offset by increased production in countries such as the US, Canada, Brazil and Guyana, International Energy Agency (IEA) head Fatih Birol said on Bloomberg TV on Tuesday.
“This production growth will be more than sufficient to meet global oil demand,” the IEA head said. “So, in the absence of major geopolitical shocks or extreme weather events, we can expect a fairly comfortable oil market situation and moderate price movements throughout 2024.” of the year”.
Birol expects consumption to rise at a much weaker pace than last year as economic growth slows in China and many other parts of the world, he continued. According to a January IEA report, global demand grew by 2.254 million bpd in 2023.
The IEA will publish its next review of the oil market on February 15.
On Tuesday, OPEC will publish its own review of the oil market.
OPEC Secretary-General Haitham al-Ghais said in Dubai on February 13 that global economic growth is a positive sign for increased oil demand in 2024. “We forecast that this year oil demand will increase by more than 2 million bpd compared to last year,” he said.
Subscribe to our WhatsApp channel and stay up to date with the main news!