Wednesday, September 27, 2023

Texas oil opens 0.59% higher to US$83.31 a barrel

The price of the barrel of Texas intermediate oil (WTI) opened this Friday with a rise of 0.59%, up to $83.31after the International Energy Agency (IEA) predicted a record increase in demand for crude oil by 2023.

Shortly after 09:00 local time, futures contracts for the WTI for delivery in September they earned 35 cents compared to the previous day’s close.

The IEA published this Friday its monthly report on the world oil market in which he predicted that in 2023 the global demand for crude oil will increase 2.2 million barrels per day (mbd) with respect to the previous year and will reach a record of 102.2 mbd.

In addition, he pointed out that despite the fact that in July the demand at 100.9 mbd Compared to the maximum reached in June of 102 mbd, another record could be recorded in August.

This increase in demand is encouraged by the increase in consumption in energy generation, by the increase in air travel during the summer and by the greater petrochemical activity in Chinaa country that accounts for more than 70% of said increase in demand.

Added to this is the reduction in production in the month of July, which accounted for the Organization of Petroleum Exporting Countries and which he largely attributed to the pumping cuts that Saudi Arabia applied in June.

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