Recent reports from the International Energy Agency (IEA) indicate a mixed outlook for the oil market. While global observed oil stocks saw a significant drop in January, the IEA warns of slowing oil demand growth and expanding non-OPEC+ supplies. The IEA also highlighted a rise in oil companies' spending forecasts in Norway for 2024. Market analysts criticize the IEA's estimates, pointing out discrepancies in global oil market balances and the agency's underestimation of global demand. Oil prices have been affected by these conflicting assessments, with the market trying to interpret the implications of these varying outlooks.
But the IEA claims U.S. net oil supply & demand is in surplus, LOL. https://t.co/WxYepE52NB
Analysts unveil new oil-price predictions for 2024 https://t.co/le0SPlYg9i
Oil prices are rising despite a rough start to 2024 — here's why https://t.co/IlHiTA0hEb by @ines_ferre
Oil prices pull back as market tries to make sense of conflicting demand estimates https://t.co/oQsIBrtQw0
Crude #oil is to be weaker today than precious or base metals – precisely because of lower #inflation figure. Equities would be the chief beneficiaries rather than real assets. https://t.co/uVf2xFdNZx
Oil prices edge lower, but on track for weekly gains as traders eye Fed rate path https://t.co/jnkiBJBHs0
After the boom-and-bust cycle of the past few years, oil prices may avoid both extremes in 2024, writes @oil_gs01 https://t.co/8hxzq4vEei via @markets
After the boom-and-bust cycle of the past few years, oil prices may avoid both extremes in 2024, writes @oil_gs01 https://t.co/Znz3Un9vEb
Oil slides 1% as weaker IEA demand outlook offsets rate cut hopes - Reuters https://t.co/X6AaYZx9ZI
IEA's 2024 oil market balance shows a steep surplus of over ~1 million b/d. But the root cause of the oversupply is IEA's erroneous estimate of Q4 2023 balances. https://t.co/jkbR06Capu
The @IEA was wrong about the oil market in 2023, and it is wrong so far about the oil market in 2024. So far, there have been global oil inventory declines in Q1 2024, not the builds they've been projecting. The IEA persistently underestimates global demand. Unreliable. https://t.co/09NzaXRu7M
Why is it important to figure out how IEA calculated Q4 2023 balances? Because that "missing" 1.2 million b/d delta is what they use to extrapolate 2024 global oil market balances. By attributing it to a false reality, IEA purposely increases "oversupply" by ~1.2 million b/d. https://t.co/GMtbowu27l
This section from IEA perfectly captures everything you need to know about how it "estimates" the global oil market balance. Translation: Our model showed +770k b/d but the reality was -440k b/d. So the reality must be wrong, and there's 1.2 million b/d hidden somewhere. https://t.co/nyXatn9rq2
Oil prices fall on forecast global demand in 2024 will grow at half last year's rate - https://t.co/5bKDoccTs7 #GoogleAlerts
Global oil demand growth is losing steam while supplies outside OPEC+ continue to swell, potentially leaving markets in surplus all year, the IEA said https://t.co/9rBRNWvVnA
The continuing strength of #diesel prices relative to crude is clearly driven by inventories that just won't build to normal levels, for months and months now. Here is what the @IEA said today is the stock picture for distillates including diesel in Europe. Getting tighter. https://t.co/EeEuKq0YRl
A new #oil market outlook is weaker demand (#IEA), stronger non-OPEC supply (IEA), and higher prices (#algo short-covering). #OOTT
Oil prices fall on forecast global demand in 2024 will grow at half last year's rate https://t.co/3bq9ll4z4d
The International Energy Agency warned Thursday of plummeting oil stocks even as global growth in demand loses momentum. https://t.co/mi4lybsk0t
(Reuters) - Global oil demand growth is losing momentum, the International Energy Agency (IEA) said on Thursday as it trimmed its 2024 growth forecast, in sharp contrast to the view held by producer group OPEC. #OOTT https://t.co/p8BwhteNLE
Oil demand growth slowing as non-OPEC supply expands, says IEA https://t.co/d4XQdlbJma
Oil Companies in #Norway Raise Spending Forecasts for 2024 #oott https://t.co/8qSYWixLAJ
Oil demand growth slows as non-OPEC supply expands, says IEA https://t.co/ilwk1b4eUw https://t.co/jis1FQazMX
Global observed oil stocks plummeted by about 60 mb in January, preliminary data indicate, with on-land inventories falling to their lowest level since at least 2016 - IEA #OOTT
#OOTT IEA: Oil Demand Growth Slows While Non-OPEC+ Supply Climbs
#Crudeoil traded softer on Wednesday after the EIA reported a 12m bbl stock jump, amid a 1.8% drop in refinery utilization, and despite a 1.2m b/d drop in net imports. The rise being partly offset by a 5.6m bbl drop in fuel stocks, with diesel and gasoline demand nevertheless… https://t.co/Gk1wb1KLdR