{"id":610129,"date":"2023-11-15T00:00:00","date_gmt":"2023-11-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/iea-ups-oil-demand-forecast-for-next-year-on-expectations-for-lower-prices\/"},"modified":"2023-11-15T00:00:00","modified_gmt":"2023-11-15T00:00:00","slug":"iea-ups-oil-demand-forecast-for-next-year-on-expectations-for-lower-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/iea-ups-oil-demand-forecast-for-next-year-on-expectations-for-lower-prices\/","title":{"rendered":"IEA ups oil demand forecast for next year on expectations for lower prices"},"content":{"rendered":"

Oil supply could see a surplus next year -IEA:<\/strong> The International Energy Agency (IEA) is anticipating a surplus in oil markets at the start of 2024, although it marginally raised its oil demand growth forecasts, according to its latest monthly report<\/a>. The IEA now expects demand to reach 930k barrels per day next year, up from its previous 880k forecast on the back of expected interest rate cuts and the recent decline in oil prices<\/p>\n

IEA vs. OPEC: <\/strong>IEA\u2019s 2024 demand forecast sits much lower than OPEC\u2019s estimate, which has put demand growth for next year at 2.25 mn bpd. The two organizations have voiced different opinions on long-term oil demand outlook. Reuters<\/a> also has the story.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

23,894<\/p>\n<\/td>\n

\n

-0.1% (YTD: +64.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,857<\/p>\n<\/td>\n

\n

+0.6% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

A<\/strong>D<\/strong>X<\/strong><\/p>\n<\/td>\n

\n

9,530<\/p>\n<\/td>\n

\n

-0.1% (YTD: -6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,973<\/p>\n<\/td>\n

\n

-0.2% (YTD: +19.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,496<\/p>\n<\/td>\n

\n

+1.9% (YTD: +17.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,440<\/p>\n<\/td>\n

\n

+0.2% (YTD: -0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,292<\/p>\n<\/td>\n

\n

+1.4% (YTD: +13.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.47<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.11<\/p>\n<\/td>\n

\n

-2.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,966.50<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 35,599.71<\/p>\n<\/td>\n

\n

-2.5% (YTD: +113.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 4.0 bn (54.5% above the 90-day average). Local investors were net sellers. The index is up 64.0% YTD.<\/p>\n

In the green: <\/strong>Ezz Steel (+5.8%), TMG Holding (+5.0%) and AMOC (+3.1%).<\/p>\n

In the red: <\/strong>Credit Agricole (-5.3%), Telecom Egypt (-3.9%) and E-Finance (-3.8%).<\/p>\n

Major Asian benchmarks are very handily in the green this morning <\/strong>as investors cheer what CNBC is calling \u201csoft US inflation data,\u201d<\/a> potentially signaling the Federal Reserve could back off rate hikes. Equities futures suggest shares in Europe, Wall Street and Bay Street will all open in the green later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil supply could see a surplus next year -IEA: The International Energy Agency (IEA) is anticipating a surplus in oil markets at the start of 2024, although it marginally raised its oil demand growth forecasts, according to its latest monthly report. The IEA now expects demand to reach 930k barrels per day next year, up […]<\/p>\n","protected":false},"author":1,"featured_media":610130,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,746,91,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-international-energy-agency","tag-oil-and-gas","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"8a9e6031-98ea-4111-966e-6a94ac465882","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/817.jpg","photo_position":"above","homepage_title":"","full_issue_title":"IEA ups oil demand forecast for next year on expectations for lower prices","related_issue":[610103],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.9b244ef0-bf2c-4cbd-ac2f-c18b8b5fbce0.mp3"},"yoast_head":"\nIEA ups oil demand forecast for next year on expectations for lower prices - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/15\/iea-ups-oil-demand-forecast-for-next-year-on-expectations-for-lower-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IEA ups oil demand forecast for next year on expectations for lower prices\" \/>\n<meta property=\"og:description\" content=\"Oil supply could see a surplus next year -IEA: The International Energy Agency (IEA) is anticipating a surplus in oil markets at the start of 2024, although it marginally raised its oil demand growth forecasts, according to its latest monthly report. 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This comes as lockdowns in China dampen\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547326,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/things-could-get-rougher-in-the-global-energy-markets-next-year\/","url_meta":{"origin":610129,"position":1},"title":"Things could get rougher in the global energy markets next year","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"So much for demand destruction: The global energy crunch isn\u2019t ending anytime soon if the International Energy Agency\u2019s (IEA) latest outlook is anything to go by. Despite a growing chorus of voices warning of recession in some of the world\u2019s largest economies, the energy think tank is forecasting global oil\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565950,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/18\/iea-calls-for-halting-new-oil-and-gas-exploration-projects\/","url_meta":{"origin":610129,"position":2},"title":"IEA calls for halting new oil and gas exploration projects","author":"enterpriseam admin","date":"18 May 2021","format":false,"excerpt":"The International Energy Agency (IEA) is calling for an end to new oil and gas exploration to achieve net zero carbon dioxide emissions by 2050 and meet the Paris Agreement goals, the IEA said in its Net Zero by 2050 roadmap for the energy sector.This is a pretty big rethink\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553993,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/more-doom-and-gloom-for-ems-going-into-the-new-year\/","url_meta":{"origin":610129,"position":3},"title":"More doom and gloom for EMs going into the new year","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"The case for investing in emerging market currencies into the new year is darkening, despite expectations for a surge in interest rate hikes in the coming months, Bloombergreports. 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Expect to see a tighter market as \u201cRussian supply slows under the full impact of sanctions [while] China will drive\u2026\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/336.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577143,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/10\/usd-100-oil-a-threat-to-global-economy-says-iea-head\/","url_meta":{"origin":610129,"position":5},"title":"USD 100 oil a threat to global economy, says IEA head","author":"enterpriseam admin","date":"10 November 2022","format":false,"excerpt":"Three-figure oil = bad news for the global economy, says IEA chief: Oil prices moving back towards USD 100 a barrel will put more pressure on the global economy, the head of the International Energy Agency, Fatih Birol, said yesterday, calling on OPEC+\u2019s to rethink last month\u2019s decision to cut\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=610129"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610129\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610130"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610129"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610129"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}