Oil is declining at the end of the week

The price of oil is declining at the end of the week after a steady increase in the results of previous trading. The current Brent quote is $98.28 per barrel (yesterday's maximum is $100.20), North American WTI is trading near $92.90 per barrel (yesterday's maximum is $94.80 per barrel).

Earlier the International Energy Agency (IEA) raised the forecast of oil demand in 2022 by 380 thousand b/d to 99.7 million b/d. Now the agency expects an increase in demand for oil in the world this year by 2.1 million b/d relative to last year.

The agency also raised the forecast of oil demand in the world in 2023 to 101.8 million b/d, while the estimate of consumption growth remained at 2.1 million b/d.

In addition, the IEA noted that world oil supplies in July reached a post-pandemic maximum (against the background of increased production by OPEC+ countries, as well as a significant recovery of the industry after maintenance in a number of regions).

Meanwhile, OPEC also presented its monthly report, in which it lowered the forecast for oil demand growth in 2022 by 0.3 million barrels per day to 3.1 million b/d due to some regional changes. Thus, oil consumption this year will amount to 100.03 million b /d, and not 100.3 million b/d, as previously expected. OPEC still believes that this forecast assumes a «healthy» demand for energy.