Iea Forecasts That Oil Demand Rises But The Market Is Still Precarious

At the meeting of OPEC, Member States were unable to agree on plans to step easily cut down production, each applied to reverse the status of oil prices plummeted when the outbreak of the Delivery.02: 00/2 : 41 narrays illustrated. (Source: AFP / VNA) The last month's oil demand has increased sharply in the context of the increase in Covid-19 vaccination ratio to promote economic activities, but the International Energy Agency (IEA) on 13 / 7 warns that countries in the group of oil exporters and partner countries (OPEC) produce less than the demand will make oil prices more precarious until an increase in production agreement. Opec meeting earlier this month, member countries were unable to agree on plans to easily loosen production, each applied to reverse the status of oil prices plummeted when the outbreak of Covid-19. But the demand is rising again, up 3

.2 million barrels / day last month according to IEA estimates, equivalent to more than one-third of the total demand decreased last year. IEA hopes the demand will increase by 3.3 million barrels / day in the next 3 months from July, which is more than doubled by a seasonal increase in the same period in 2019
Iea said that this is the result of this Loosening translation measures and strengthening vaccinations. In when OPEC plans to gradually increase oil production, deadlock in the above meeting means the output will be "freezing" at the current level until When the parties find the agreement. In the latest monthly report, IEA said: "Oil prices have reacted strongly to the deadlock in the OPEC meeting early this month, due to the source of severe deficiency If not reaching the agreement. "In fact, the main international oil contracts have been traded around the price of 75 USD / barrel. Some experts forecast prices can be up to 100 USD / barrel. But also has another scenario: OPEC's agreement is broken, manufacturers increase production and seek to win the oil market share, making prices Oil declines. Investors are also concerned that increased inflation can cause central banks to raise their super low interest rates up, meaning to remove one of the main support for economic recovery. Newspapers If OPEC countries do not increase production, the crude oil market will be very stressful because additional reserve oils are built during empty television times and reserves are lower than the long-term average in public countries Industry Development.IEA Warning: "Oil markets will still be precarious until OPEC has a clear output policy." The agency also stressed that increased oil prices will not be in a long time for oil producers
In the forecast of oil demand recovering with the global economy, IEA emphasizes: "Translation Covid-19 is still a major threat to growth in short and medium-term oil demand, especially in non-cooperative and economic development organizations (OECD). " Emerging countries in addition to OECD such as China and India have contributed a lot for global economic growth before the outbreak of translation. Bich Lien (VNA / Vietnam)

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