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The IEA downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd. It lowered its 2023 oil demand forecast by 360,000 bpd to 2.34 million bpd. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data. The energy market is under pressure as well from the U.S. dollar, which has rallied broadly, including against low-yielding currencies like the yen.
Oil rises towards $90 as OPEC+ considers output cut
  + stars: | 2022-09-29 | by ( Ahmad Ghaddar | ) www.reuters.com   time to read: +2 min
LONDON, Sept 29 (Reuters) - Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67. Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd). In China, the world's biggest crude oil importer, travel during the forthcoming week-long national holiday is set to hit its lowest level in years as Beijing's zero-COVID rules keep people at home while economic woes curb spending.
LONDON, Sept 29 (Reuters) - Oil prices fell on Thursday, with a stronger dollar paring the previous day's more than $3 gain, though losses were capped by indications that the OPEC+ producer group might cut output. Goldman Sachs cut its 2023 oil price forecast on Tuesday, citing expectations of weaker demand and a stronger U.S. dollar, but said global supply disappointments reinforced its long-term bullish outlook. Meanwhile, leading OPEC+ members have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. read moreOne source from the Organization of the Petroleum Exporting Countries (OPEC) said a cut looks likely but gave no indication of volumes. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd).
This figure compares with 1.1 million bpd of offline capacity in September, and is above the 2015-2019 average for this period. Maintenance outages next month include Eni's Sannazzaro refinery in Italy, Repsol's (REP.MC) Tarragona refinery in Spain, and Galp Energia's (GALP.LS) Sines refinery, among others. read more"The European diesel market is looking a bit softer than we had expected say this time last month," Gallarti said, adding that the consultancy has softened its European demand forecast as economic pressures mount. read moreBut while higher imports and a softening demand outlook are helping to ease the pressure on diesel markets, widespread refinery outages in France, partly due to strike action, could tighten supplies again. Benchmark European diesel profit margins hit a two-week high of about $50 a barrel on Wednesday, based on Reuters assessments, driven by the French strikes.
General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahCompanies Saudi Arabian Oil Co FollowLONDON, Sept 20 (Reuters) - OPEC+ is now producing below its targets by a record 3.58 million barrels per day - about 3.5% of global demand - highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. Nigeria's crude oil production fell below 1 million bpd in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines and years of underinvestment. read more"It has been struggling for months to fulfil its quota and Saudi Arabia has made it abundantly clear that they would only use thinning spare capacity in case of real emergency," PVM Oil's Tamaz Varga said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmad Ghaddar; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.
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