The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.  EnergiesNet ” Latin America & Caribbean web portal with news and information on Energy, Oil, Gas, Renewables, Engineering, Technology, and Environment.– Contact : Elio Ohep, editor at  EnergiesNet@gmail.com +584142763041-   The elected president of Venezuela Edmundo González Urrutia had to flee to Spain and is currently in exile in that country after the regime issued an arrest warrant against him for subversion. González Urrutia obtained 67% of the votes in the election day of July 28, against 30% for Nicolás Maduro with 83.5% of the votes verified with published tally sheets, winning in all states (source: resultadosconvzla.com). We reject the arrest warrant, and the fraud intended by the National Electoral Council – CNE of Venezuela, proclaiming Nicolás Maduro as president-elect for a new presidential term and its ratification by the Supreme Court of Justice-TSJ, both without showing the voting minutes or any other support.
10/07 Closing Prices  / revised 10/08/2024 08:57 GMT | 10/07   OPEC Basket $78.50 +$0.84 cents | 10/07    Mexico Basket (MME)  $71.94 +$2.61 cents 08/31 Venezuela Basket (Merey)  $62 15   +$1.66 cents 10/07 NYMEX Light Sweet Crude $77.14 +$2.76cents | 10/07 ICE Brent Sept $80.93 +$2.88 cents | 10/07 Gasoline RBOB NYC Harbor $2.1538 +0.0580 cents | 10/07 Heating oil NY Harbor  $2.3962 +0.0835 cents| 10/07 NYMEX Natural Gas $2.746 -0.108 cents| 10/04 Active U.S. Rig Count (Oil & Gacs) 585 -2 | 10/08 USD/MXN Mexican Peso 19.3203 (data live) 10/08 EUR/USD  1.0991 (data live) | 10/08 US/Bs. (Bolivar)  $37.03970000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch

IEA raises oil demand growth forecasts, flags possible 2024 surplus – Reuters

An oil pump of IPC Petroleum France is seen during sunset outside Soudron, near Reims, France, February 6, 2023. REUTERS/Pascal Rossignol
Boosts 2023 growth forecast to 2.4 mln bpd. Lifts 2024 growth forecast to 930,000 bpd. Oil supply could go into surplus in 2024.
An oil pump of IPC Petroleum France is seen during sunset outside Soudron, near Reims, France, February 6, 2023. (Pascal Rossignol/Reuters)

Natalie Grover and Alex Lawler, Reuters

LONDON
EnergiesNet.com 11 14 2023

The International Energy Agency (IEA) on Tuesday raised its oil demand growth forecasts for this year and next despite slower economic growth in nearly all major economies, although its 2024 outlook remains much lower than that of producer group OPEC.

The Paris-based IEA said the market could shift into surplus at the start of 2024 having been kept in a “significant deficit” through year-end by voluntary cuts from Saudi Arabia and Russia which last until the end of December.

“For now, with demand still exceeding available supplies heading into the Northern Hemisphere winter, market balances will remain vulnerable to heightened economic and geopolitical risks – and further volatility ahead,” the IEA said in a monthly report.

Oil has weakened to around $82 a barrel for Brent crude from a 2023 high in September near $98. Concern about economic growth and demand has pressured prices, despite support from supply cuts by OPEC and its allies, and conflict in the Middle East.

The IEA joins the Organization of the Petroleum Exporting Countries in raising its oil demand growth forecast for 2023. Demand in 2023 has been supported by resilient U.S. deliveries and record September demand from China, the IEA said.

In 2023, the IEA expects world demand to rise by 2.4 million barrels per day (bpd), up from 2.3 million bpd seen previously and bringing its view closer to that of OPEC, which on Monday nudged up its forecast to 2.46 million bpd.

SLOWDOWN IN VIEW

For 2024, the IEA raised its oil demand growth forecast to 930,000 bpd from 880,000 bpd. Expectations are underpinned by hopes of interest rate cuts and the recent fall in crude prices, the IEA, the energy adviser to industrialised nations, said.

This is still well below OPEC’s forecast of 2.25 million bpd. The difference – 1.32 million bpd – is equivalent to roughly 1% of daily world oil use and translates into more than the daily production of an OPEC member such as Libya.

OPEC and the IEA have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies.

The IEA said the 2024 demand slowdown will arise as “the last phase of the pandemic economic rebound dissipates and as advancing energy efficiency gains, expanding electric vehicle fleets and structural factors reassert themselves.”

The 2024 outlook will be in focus at the next meeting of OPEC and its allies, known as OPEC+, on Nov. 26. The group’s existing deal limits supply into 2024, although the extra Saudi and Russian voluntary cuts last until the end of December.

Reporting by Natalie Grover and Alex Lawler in London; editing by David Goodman, Jason Neely and David Evans

reuters.com 11 14 2023

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