On the October 13 local time, the International Energy Agency released the Oil Market Report in October. According to the report, the continued deterioration of the economy and the rise in oil prices caused by the OPEC production reduction plan are slowing down global oil demand. The International Energy Agency (IEA) stressed that, under the condition of continuous inflationary pressure and rising interest rates, higher oil prices will have a significant impact on the global economy that is already on the verge of recession.

The International Energy Agency said that OPEC's large-scale reduction of oil supply increased the risk of global energy security. As a result, the International Energy Agency lowered its forecast for the growth of oil demand in 2022 and 2023. The International Energy Agency said that since 2022, the growth rate of oil demand has gradually declined. It is estimated that in the fourth quarter of this year, it will decrease by 340,000 barrels a day compared with the same period last year. The growth rate of oil demand in 2022 is expected to be only 1.9 million barrels a day. The International Energy Agency also lowered its forecast for oil demand growth in 2023 to 1.7 million barrels/day, 470,000 barrels lower than the previous estimate.

The International Energy Agency predicted that from November, OPEC's crude oil production would decrease by 1 million barrels per day, mainly from Saudi Arabia and the United Arab Emirates. In December, Europe began an oil embargo on Russia, which will further reduce global crude oil production.

According to media analysis, the relevant statements of the International Energy Agency highlight the huge differences between it and OPEC, which also reflects the huge differences between the member states of the International Energy Agency and OPEC. Such differences will seriously affect the stability of the international oil market.

The International Energy Agency (IEA), established in 1974, is an international organization established by major oil consuming countries to coordinate their oil policies and reduce their dependence on imported oil after the Middle East oil crisis. At present, the International Energy Agency has 31 member countries.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.