Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum.
Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China.
The news of OPEC member Libya shutting four of its eastern oil export terminals due to a deadly storm also lent support to oil prices, he added.
The EIA, meanwhile, said global oil inventories were expected to decline by almost a half million bpd in the second half of 2023, causing oil prices to rise with Brent averaging $93 per barrel in the fourth quarter.
But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute figures on Wednesday.
Persons:
LCOc1, Satoru Yoshida, Yoshida, Brent
Organizations:
International Energy, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, American Petroleum Institute
Locations:
Libya, China, Saudi Arabia, Russia, OPEC