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RE: LeoThread 2023-09-13 18:33

in LeoFinance • last year

🧵 1. Oil cuts by Saudi Arabia and Russia will create a market deficit in Q4, says IEA. Demand growth estimates for this year and next remain unchanged. #finance

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    🧵 2. OPEC+ limited supplies in 2022 to stabilize the market. Brent crude rises above $90/barrel as cuts extended till 2023. Supply shortfall expected from September.

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      🧵 3. OPEC+ cuts offset by higher supplies from US, Brazil, and Iran. However, loss of OPEC+ production in Q4 will lead to a significant supply shortfall.

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        🧵 4. Lack of cuts in early 2024 could result in a surplus, warns IEA. Stocks at low levels increase risk of volatility. Economic concerns heightened by China's slow recovery.

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          🧵 5. Both IEA and OPEC optimistic about Chinese demand, leaving global demand estimates largely unchanged. Differing forecasts for 2024 growth - IEA expects 1m bpd, OPEC estimates 2.25m bpd..

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