NEW YORK: Oil prices jumped about 2% to a near 10-month high on Tuesday (Sept 12) on a tighter supply outlook and Opec optimism over the resilience of...
Oil storage tanks are seen from above in Carson, California. Opec’s EIA expects global oil inventories to decline by almost a half million bpd in the second half of 2023, causing oil prices to rise with Brent averaging US$93 per barrel in the fourth quarter. – AFPpicOil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and Opec optimism over the resilience of energy demand in major economies.
The Organization of the Petroleum Exporting Countries stuck to its forecasts for robust growth in global oil demand in 2023 and 2024, citing signs that major economies are stronger than expected. Opec’s monthly report forecast world oil demand will rise by 2.25 million barrels per day in 2024. Opec member Libya shut four of its eastern oil export terminals due to a deadly storm, while Opec+ member Kazakhstan reduced daily oil output for maintenance.
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