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Oil prices fell on Wednesday, with US crude oil inventories rising more than expected and production reaching a record high in the United States (the world’s largest oil producer).
Brent crude futures fell by the end of Wednesday’s trading by $1.29, closing at $81.18 per barrel, while US West Texas Intermediate crude fell by $1.60 to $76.66.
The US Energy Information Administration said that crude oil inventories in the United States rose by 3.6 million barrels last week to 421.9 million, far exceeding expectations, which estimated the expected increase at 1.8 million barrels.
The data showed that US domestic crude production remained at a record high of 13.2 million barrels per day.
Demand growth
And she joined International Energy Agency To the Organization of the Petroleum Exporting Countries (OPEC) in raising oil demand growth expectations for this year, despite expectations of a slowdownFor economic growth In many major countries.
On Tuesday, the Paris-based agency said that although voluntary reductions in supplies from Saudi Arabia and Russia until the end of the year will limit supply, as demand growth continues to slow, the market may turn into a surplus at the beginning of 2024.
The agency confirmed that demand from China – which is the largest importer of crude and the second largest economy in the world – reached a new record level of 17.1 million barrels per day last September.
The International Energy Agency – which provides energy advice to industrialized countries – added that expectations for 2024 also received support from hopes of reducing… interest rates Crude prices have declined recently.
“For now, as demand continues to outstrip available supplies as winter approaches in the Northern Hemisphere, market balances will remain vulnerable to heightened economic and geopolitical risks – and to greater volatility ahead,” she said.
It is currently expected that global demand for oil will reach 102 million barrels per day in 2023, according to the agency, thus raising its expectations for oil demand growth to 2.4 million barrels per day from 2.3 million barrels per day in previous expectations, to come close to OPEC’s expectations of growth of 2.46 million barrels per day. . According to the agency, China will likely contribute 1.8 million barrels per day of the daily increase in global demand.
The agency also raised growth expectations for 2024 to 930,000 barrels per day from 880,000 barrels per day in previous expectations, which remains much lower than OPEC’s expectations of reaching 2.25 million barrels per day.
“Despite growth that is about two-thirds lower than this year’s increase, global oil demand will rise to a record annual level” of 102.9 million barrels per day in 2024, the agency said.
