Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The International Energy Agency predicted that the US economy would grow above expectations and that ships that have been diverted from the Red Sea will require more fuel than previously anticipated. In an effort to evade strikes by the Huthi rebels in Yemen in the Red Sea, a crucial conduit for world trade, commercial ships have begun circumnavigating the southernmost point of Africa at a greater cost.
The IEA said world oil demand growth is now forecast to increase by 1.3 million barrels per day (bpd) this year, 110,000 bpd higher than in its previous monthly market report. "Disruptions to international trade routes in the wake of turmoil in the Red Sea are lengthening shipping distances and leading to faster vessel speeds, increasing bunker demand," the IEA said, using a term for the fuel needs of ships.
Global demand is also driven by the "comparatively buoyant economy" of the United States where oil consumption is gaining momentum on rising petrochemical operations, the IEA added. The annual growth in demand, however, remains sharply lower than in 2023, when it reached 2.3 million bpd, on the back of energy efficiency gains and the use of electric vehicles, the Paris-brd agency said. Total demand is forecast to reach 103.2 million bpd in 2024 compared to 101.8 million bpd last year.
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