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On the 13th local time, the International Energy Agency released the "Oil Market Report"
for October.
The report said the continued deterioration of the economy and the rise in oil prices triggered by OPEC's production cut program are slowing global oil demand
.
The IEA stressed that higher oil prices will have a significant impact
on the global economy, which is already on the brink of recession, amid ongoing inflationary pressures and rising interest rates.
The International Energy Agency said OPEC's massive cuts in oil supplies have increased global energy security risks
.
As a result, the IEA lowered its forecast for oil demand growth in
2022 and 2023.
The International Energy Agency said that since 2022, the rate of oil demand growth has gradually declined, and in the fourth quarter of this year it is estimated to be 340,000 barrels per day less than the same period last year, and the full-year oil demand growth is expected to be only 1.
9 million barrels
per day.
The IEA also lowered its forecast for oil demand growth in 2023 to 1.
7 million barrels per day, 470,000 barrels
lower than its previous estimate.
The International Energy Agency expects OPEC to reduce crude oil production by 1 million barrels per day from November, mainly from Saudi Arabia and the United Arab Emirates
.
In December, the European oil embargo against Russia was imposed, and global crude oil production will be further reduced
.
Media analysis believes that the relevant statements of the International Energy Agency highlight the huge differences between it and OPEC, and behind this also reflects the huge differences
between the member states of the International Energy Agency and OPEC member countries.
Such divergence will seriously affect the stability of
the international oil market.
Founded in 1974, the International Energy Agency is an international organization
established by major oil-consuming countries in order to coordinate their oil policies and reduce their dependence on imported oil after the Middle East oil crisis.
Currently, the IEA has 31 member countries
.
for October.
The report said the continued deterioration of the economy and the rise in oil prices triggered by OPEC's production cut program are slowing global oil demand
.
The IEA stressed that higher oil prices will have a significant impact
on the global economy, which is already on the brink of recession, amid ongoing inflationary pressures and rising interest rates.
The International Energy Agency said OPEC's massive cuts in oil supplies have increased global energy security risks
.
As a result, the IEA lowered its forecast for oil demand growth in
2022 and 2023.
The International Energy Agency said that since 2022, the rate of oil demand growth has gradually declined, and in the fourth quarter of this year it is estimated to be 340,000 barrels per day less than the same period last year, and the full-year oil demand growth is expected to be only 1.
9 million barrels
per day.
The IEA also lowered its forecast for oil demand growth in 2023 to 1.
7 million barrels per day, 470,000 barrels
lower than its previous estimate.
The International Energy Agency expects OPEC to reduce crude oil production by 1 million barrels per day from November, mainly from Saudi Arabia and the United Arab Emirates
.
In December, the European oil embargo against Russia was imposed, and global crude oil production will be further reduced
.
Media analysis believes that the relevant statements of the International Energy Agency highlight the huge differences between it and OPEC, and behind this also reflects the huge differences
between the member states of the International Energy Agency and OPEC member countries.
Such divergence will seriously affect the stability of
the international oil market.
Founded in 1974, the International Energy Agency is an international organization
established by major oil-consuming countries in order to coordinate their oil policies and reduce their dependence on imported oil after the Middle East oil crisis.
Currently, the IEA has 31 member countries
.
