Oil Prices Lowers By 1.5 Percent In June 2023

By Snehal Singh, 26 June, 2023

The demand for oil prices goes higher globally in 2023 with China the topmost in the list of countries with a record of 16 million barrels per day in March 2023. The Fed has announced oil prices to decrease by 1.5 percent on 16 June 2023.  

According to the data from the International Energy Agency (IEA), oil demand may rise by 2.2 million barrels per day year on year in 2023. The Organization for Economic Cooperation and Development (OECD) gears up to return to growth in the second quarter of 2023 with an increase of 350 thousand barrels per day compared to non-OECD gains. As per the analysts, the market economy undoubtedly fears lower oil demand due to a rise in interest rates. Simultaneously, IEA reports on the daily need for oil lift the projected total oil of 102.3 million barrels daily. The progress would come down since the IEA expects economic headwinds that will result in 860,000 barrels of oil per day. The rise in oil demand will come down by 2028 up to 400,000 barrels per day due to increasing demand for electric vehicles.

In the United States, the demand for crude oil has increased by 8 million barrels per day in June 2023. According to the international energy agency, the global crude oil demand is expected to reach 82.2 million barrels per day in 2023. The market of oil globally reduced and affected the oil prices in April and May 2023. The United States is the highest user of oil worldwide and the second biggest nation will account for 60 percent growth in 2023, as per IEA. The rise in oil prices has resulted from the loss in Iraq, resulting in the shutdown of the Iraq-Türkiye pipeline since March 2023. 

Oil Prices Lowers By 1.5 Percent In June 2023

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