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IEA’s Birol Predicts Comfortable Oil Market Despite Red Sea Issues

OIL

The IEA expects oil markets to be in a “comfortable and balanced” position this year, its executive director Fatih Birol told Reuters.

  • This is despite Middle East tensions stoking supply and shipping concerns, coupled with a slowing demand growth outlook,
  • The IEA expects a significant increase in output from the US, Canada, Guyana, and Brazil this year.
  • "I don't expect a major change in the oil price because we have an ample amount of oil coming in the market," he said.
  • Birol said that to date, supply has not been affected by the Houthis’ attacks on ships in the Red Sea.
  • The IEA currently forecasts demand to grow by 1.1m b/d in 2024, while OPEC supply will grow by 1.2m b/d.
  • OPEC expects demand to grow by 2.25m b/d in 2024.
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