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Oil price accelerates growth after the publication of the IEA report

September, 14 2021
watermark Economic news

World oil prices continue to rise after the publication of the International Energy Agency (IEA) monthly report on the situation in the oil market.

The current Brent quotation is $74.12 per barrel, WTI oil is trading at $71.08 per barrel.

The agency slightly lowered its forecast for demand for 2021: it is expected that demand growth will be 5.2 million barrels per day. In 2022, the IEA expects an increase in demand by 3.2 million barrels per day, which is only a minimal increase compared to the previous forecast. At the same time, OPEC slightly earlier raised its forecast for growth in oil demand for 2022 by almost 1 million barrels per day.

Prices are further supported by a new tropical storm approaching the Gulf of Mexico, while oil producers in the region have yet to fully recover from Hurricane Ida. The IEA has estimated the loss in oil production due to the hurricane at about 30 million barrels.

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