The OPEC+ producers' alliance is set to next meet to determine its output policy in early June.
The IEA has underlined a disconnect between investment sentiment fueled by broader economic fears and tightening supply-demand balances.The IEA's warning comes roughly three weeks ahead of OPEC and OPEC+ meetings to review the producer alliance's output strategy.
Aerial view of oil and gas jack-up rig at the yard for maintenance with many vessels in Singapore. Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year.The ongoing pressure in oil prices neglects an accelerating demand outlook and looming supply tightness, the Paris-based International Energy Agency warned on Tuesday.
Financial turbulence in the banking sector after the spring collapse of several U.S. and European banks steered investors away from historically riskier assets, such as oil. Prices fleetingly gained ground after a number of OPEC+ members announced an additional 1.6 million barrels per day of voluntary cuts at the start of April — only to rapidly surrender these gains, cooling analyst expectations of prices at $100 per barrel.with July expiry were trading at $75.14 per barrel at 12 p.m.
Persisting concerns over "muted industrial activity and higher interest rates ... combined have led to recessionary scenarios gaining traction and worries of a downward shift in the oil demand growth," the IEA said in its latest monthly Oil Market Report. The agency highlighted that the recent price declines reflect a growing rift between investor sentiment and a tightening supply-demand picture.
"The current market pessimism, however, stands in stark contrast to the tighter market balances we anticipate in the second half of the year, when demand is expected to eclipse supply by almost 2 mb/d," the agency said, revising its global oil demand forecast by 200,000 barrels per day from its previous projection, to reach 102 million barrels per day in 2023.
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