In its monthly oil market report published on Thursday, the International Energy Agency (IEA) maintained the 2024 global oil demand growth forecast at 970,000 barrels per day (bpd).
In its monthlyoilmarket report published on Thursday, the International Energy Agency maintained the 2024 global oil demand growthforecastat 970,000 barrels per day . Additional takeaways 2025 global supply growth will reach 1.8 mln bpd, with US, Canada, Guyana and Brazil leading gains. Oil supply growth in 2024 to hit 770,000 bpd, boosting oil supply to a record 103 mln bpd. Sees Q3 call on
, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When increases production, it has the opposite effect.
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