The IEA based its revisions on lower-than-expected deliveries in the second quarter and a weaker outlook for the global economy coming from the International Monetary Fund. An improving economy in 2015 is expected to be the driving force for the higher crude oil demand next year.
Global supply rose 230,000 barrels a day to 93 million barrels in July, up 840,000 barrels a day above the June 2013 total. OPEC supplies fell by 360,000 barrels a day and were more than offset by growth of 1.2 million barrels a day from non-OPEC sources, most likely the U.S.
Crude oil September futures dropped about 0.9% on Tuesday and were nearing $97 a barrel before recovering slightly to around $97.23 shortly before noon. Two months ago, crude futures were trading at around $101 a barrel.
IEA estimated global refinery throughput at 76.5 million barrels a day in July, 1.3 million barrels a day above July 2013 totals, and 200,000 barrels a day higher than the June throughput. IEA expects throughput in the third quarter to rise to 77.8 million barrels a day.
Global inventories of crude oil rose to 2.67 billion barrels in July, the highest since September of last year. The second quarter’s inventory build of 88 million barrels is the largest quarterly build since the third quarter of 2006.
The more closely watched weekly report from the U.S. Energy Information Administration is due out Wednesday morning. A preliminary estimate from Reuters indicates that U.S. commercial inventories declined by 2.2 million barrels in the week ending August 8.
ALSO READ: Gas Prices Drop Below $4 in Continental U.S.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
