Saturday , April 17 2021

Oil prices will increase as the IEA forecast supply deficit in 2019 through Investing.com



© Reuters.

Investing.com – Oil prices rose on Thursday as the International Energy Agency expects the market to rebalance faster than initially thought.

New York Stock Exchange bought 19 cents or 0.37%, reaching $ 51.34 per barrel, at noon. 10:45 am ET (15:45 GMT).

In turn, the oil price criterion outside the US was sold at 16 cents or 0.27% to US $ 60.31.

At that, the IEA left its 2019 forecast for global demand at a fixed 1.4 million barrels per day (BPD), but now it expects a. Back in November, it predicted the entire 2019 surplus.

The IEA emphasized that in calculations, it was assumed that OPEC and its Russian allies will continue to reach an agreement to cut output by 1.2 million bpd from January.

"The time will show how efficiently the new production agreement rebalances the oil market," the IEA said.

The report, however, emphasized that the effects of the US slate on global oil markets would only intensify.

"Until the United States was Vienna, no one could ignore its growing influence," said the IEA.

On Wednesday, the Energy Information Administration reported that US oil production has fallen from a record high of 11.7 million barrels per day to 11.6 million, with third-party products being offset by markets.

Other energy sales rose by 1.08% to US $ 1.4384 per gallon to 10.49 ET (GMT 15.49), but declined by 0.17% to US $ 1.8477 per gallon.

Finally, British pound sterling units sell $ 2.56 to $ 4,422 million.

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