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The natural gas crisis is spreading to the oil market

 Last Update: 2021-11-14
 Source: Internet
 Author: User

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The International Energy Agency (IEA) recently stated that natural gas shortages in Europe and Asia are pushing up oil demand, which will increase the supply gap in the crude oil market
.

Oil prices have soared above US$80 per barrel, the highest level in three years

The International Energy Agency stated that “the global economic recovery has exacerbated the severe shortage of natural gas, liquefied natural gas (LNG) and coal supplies, and triggered a sharp rise in energy prices
.

Data from August has shown that power plants in some countries have Distillate oil is in high demand that is out of time

The latest analysis by the International Energy Agency shows that the severe shortage of natural gas is spreading to other energy markets
.

This crisis may disrupt OPEC+'s plan to gradually restore spare production, and curb gross domestic product (GDP) growth and push up inflation

The International Energy Agency raised its forecast for global oil demand growth this year by 300,000 barrels per day to 5.

5 million barrels, and slightly raised its forecast for average daily demand in 2022 to 3.
3 million barrels

The natural gas crisis is not entirely a positive impact on oil consumption
.

The International Energy Agency stated that "increased energy prices have increased inflationary pressures, coupled with power outages, may lead to reduced industrial activity and slower economic recovery

The IEA noted that "although the major oil-consuming countries called for more substantial increase, + OPEC oil production will still adhere to the program increased by 40 million barrels a day"
.

OPEC+ shows no signs of deviating from the current production increase plan
.

Recently, Saudi Energy Minister Salman reiterated his commitment to gradually restore standby supply

According to the International Energy Agency, as OPEC+ continues to reduce the scale of production cuts and US oil production recovers from the damage caused by Hurricane Ida, global oil production will increase by approximately 2.

7 million barrels per day from September to the end of the year

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