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Growth in oil use slows, IEA says, as prices hit $90 a barrel

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:

🗞️ Driving the news: The International Energy Agency (IEA) has revised its growth forecast for global oil demand downward, predicting an increase of 1.2 million barrels per day in 2023, a cut from previous estimates due to normalized demand in China and a mild winter

🔭 The context: This adjustment by the IEA stands in contrast to OPEC's more optimistic forecast, which expects a higher increase in demand
• The divergence highlights differing views on the trajectory of global oil consumption amid evolving market dynamics

🌍 Why it matters for the planet: The IEA's forecast reflects the impact of increased fuel efficiencies and the rise of electric vehicles, signaling a potential shift towards less carbon-intensive energy consumption as part of the broader move away from fossil fuels

⏭️ What's next: Amidst geopolitical tensions and lower oil inventories, oil prices have risen, with potential further increases expected unless additional supplies are introduced into the market from OPEC or other producers

💬 One quote: "All eyes this week have been on the impending Iranian response to the Israeli consulate attacks and the risk of a wider war that could see energy infrastructure caught in the crosshairs," (Helima Croft, Global Head of Commodity Strategy at RBC Capital Markets)

📈 One stat: Global oil storage levels are at about 52% capacity, roughly 6 percentage points below the seasonal norm

Click for more news covering the latest on oil and gas

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