after changes in supply and demand predictions that bring OPEC and International Energy Agency IEA forecasts into closer alignment. After gaining nearly $3 on Wednesday, at 343 p.m. ET on Thursday, Brent crude was trading at $85.23, up 1.43% on the day. West Texas Intermediate WTI was trading at $81.13, up 1.77% on the day.
The IEA’s forecasts have contradicted OPEC forecasts for some time, with the international energy agency in May 2021 saying there was no need for new oil and gas exploration any longer due to the pace of the energy transition. February 2024 oil demand forecasts from the IEA and OPEC diverged by over 1 million bpd. The IEA has now slashed its 2024 supply forecast to 102.9 million bpd this year.
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