Crude oil prices will rise further amid lower inventories and stronger demand

According to the Yahoo Finance, the International Energy Agency released a monthly report on the 11th local time, saying that the "OPEC+" production cuts may reduce inventories for the rest of the year, thereby pushing up oil prices. According to the current production estimates of "OPEC+", crude oil inventories may decrease by 2.2 million barrels per day in the third quarter and 1.2 million barrels per day in the fourth quarter.

The International Energy Agency predicts that global crude oil demand will increase by 2.2 million barrels per day this year to 102.2 million barrels per day, due to increased summer air travel and electricity consumption.

According to the report, under the influence of reduced inventories and increased demand, oil prices may rise further. Looking ahead to next year, the IEA expects demand growth to slow sharply to 1 million barrels per day due to subdued macroeconomic conditions and the rapid adoption of electric vehicles, among other things.