The prices of Petroleum they uploaded this Friday, April 14 and posted their fourth straight week of earnings, after the energy supervision agency of West I would say that I hope that global demand will rise to a record this year thanks to the recovery of consumption in China.
The International Energy Agency (IEA) also warned that the production cuts announced by OPEC+ producers could aggravate the oil supply deficit and harm consumers.
crude oil futures Brent rose 22 cents, or 0.3%, to $86.31 a barrelwhile those of US West Texas Intermediate (WTI) rose 36 cents, or 0.4%, to $82.52.
Both contracts registered a fourth straight week of gains amid easing concerns over last month’s banking crisis and last week’s unexpected decision by the Organization of the Petroleum Exporting Countries (OPEC) and other Russian-led producers, a group known as OPEC+, to further cut pumping.
Brent recorded a weekly increase of 1.5%, while WTI advanced 2.4%. The four straight weeks of gains is the longest streak of gains since June 2022.
In its monthly report on Friday, the IEA noted that world oil demand will grow by 2 million barrels per day (bpd) in 2023, reaching a record 101.9 million bpd, Driven above all by increased Chinese consumption after the lifting of COVID restrictions.
Demand for jet fuel accounts for 57% of the increase in 2023. However, OPEC on Thursday pointed to downside risks to oil demand in the summer as part of the backdrop for its decision to cut production by a further 1.16 million bpd.
The IEA said it hoped that world oil supply to fall by 400,000 bpd by the end of the yearciting an expected 1 million bpd production increase outside of OPEC+ from March versus a 1.4 million bpd decline from the producing block.
Also helping boost prices was the US oil and gas rig count, an indicator of future supply, which fell for the third week in a row, according to data from Baker Hughes. Oil rigs fell by two to 588 this week, their lowest level since June 2022, while gas rigs fell by one to 157.
Source: Ambito
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