Oil news and market movers: IEA against OPEC
- The outlook for Oil demand from OPEC and IEA diverge substantially. While the IEA is calling for less demand in 2024 and 2025, OPEC on Thursday said it is watching summer demand very closely as it would not be able to handle any unforeseen uptick in demand.
- Furthermore in the IEA report from this Friday: more than 3 million barrels per day will be added coming from non-OPEC projects, with Brazil as the biggest contributor
- OPEC output increased by 110,000 barrels per day against February’s data. Saudi Arabia and Kuwait accounted for the small uptick, according to Bloomberg.
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