The global price of oil today, December 23; Brent was 73 dollars and 47 cents
reported by from China next year, and on the other hand, they are waiting for the outcome of the US Federal Reserve meeting on interest rates next week. .
The price of a barrel of Brent North Sea oil today increased by 6 cents, equivalent to 0.8%, to 73 dollars and 47 dollars. The tradition arrived. US West Texas Intermediate oil increased by 7 cents, equivalent to 0.10%, to $70.9 Tradition is traded.
The International Energy Agency expects non-OPEC+ countries, including Canada, Guyana, Brazil and Argentina, to increase their supply next year by about 1.5 million barrels per day.
In its monthly report on the oil market, this agency announced that oil supply is expected to be 1.1 million barrels per day higher than demand next year. Last month, the International Energy Agency estimated oil demand in 2025 at 990,000 barrels per day. Most of the growth in demand from Asian countries will be due to the impact of China’s recent fiscal stimulus.
The three largest oil producers in Canada have forecast production increases in 2025. Investment bank Goldman Sachs expects production in the lower 48 US states to be 600,000 barrels per day in growth next year, but he estimates that if the price of Brent oil drops to less than $70 per barrel, the pace of demand growth will be slower.
Brent oil and US crude both experienced a price increase of more than 3% this week, mostly due to from the concern regarding the disruption of oil supply following the tightening of sanctions against Russia and Iran, as well as the hope of rising demand in China as the second largest oil consumer in the world after the introduction of new financial incentives is.
China’s crude oil imports increased in November for the first time in 7 months. It is expected that the trend of increasing Chinese oil imports will continue in early 2025. Refineries in this country plan to import more oil from Saudi Arabia because of its lower price. China’s independent refineries will also use all their quota.
Investors are also focusing on the impact of tougher sanctions on Alic Russia and Iran, which are the biggest suppliers of oil to China and India.
