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Share Price:
Up 929.00p
Change Today:
30.70p
Market Cap:
34,430m
Sector:
Oil & Gas Producers

IEA cuts forecast for global oil demand growth in backhalf 2020

By Alexander Bueso

Date: Tuesday 15 Sep 2020

LONDON (ShareCast) - (Sharecast News) - The International Energy Agency took an axe to its forecasts for global oil demand growth in the backhalf of 2020, even as it warned that the world's thirst for oil had, at 91.7m barrels a day, only recovered to its levels from 2013 due to the pandemic.

Dubbed by some as the rich-world's oil watchdog, the IEA cut its forecast for demand growth in the second half of the year by 0.4m barrels a day, so that demand across 2020 as a whole was now seen running 8.4m b/d below that of 2019.

"With the on-coming northern hemisphere winter, we will enter uncharted territory regarding the virulence of Covid-19," the IEA said.

"In last month's [Oil Market] report, we said that the market was in a state of "delicate re-balancing". One month later, the outlook appears even more fragile."

In August, the Organisation of Petroleum Exporting Countries and its allies, which together are known as OPEC+,had eased its production curbs from 9.6m b/d to 7.7m b/d, while their combined output had risen by 1.3m b/d.

Furthermore, Chinese purchases of crude oil for September and October had slowed sharply and "we see that trading houses are once again looking to charter ships to store oil."

Combined, rising global output and lower demand were expected to result in stockpile draws of approximately 3.4m b/d, which was 1m b/d less than estimated in its last report.

For the year to July, industry stocks across OECD countries had jumped by 334.5m barrels or at an average rate of 1.57m b/d, followed by a 1m b/d decline in August for the US, Europe and Japan together.

Also in August, crude oil stored onboard tankers dropped sharply, by 59.9m barrels (1.93 mb/d) to 168.4m.

"But early reports suggest volumes might rise in September."

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RDSB Market Data

Currency UK Pounds
Price 929.00p
Change Today 30.70p
52 Week High 2,337.00p
52 Week Low 866.40p
Volume 8,691,124
Shares Issued 3,706.18m
Market Cap 34,430m

Performance Indicators

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What The Brokers Say

Strong Buy 12
Buy 0
Neutral 13
Sell 0
Strong Sell 2
Total 27
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

RDSB Dividends

  Latest Previous
  Q3 Q2
Ex-Div 12-Nov-20 13-Aug-20
Paid 16-Dec-20 21-Sep-20
Amount 16.65¢ 16.00¢

Trades for 30-Oct-2020

Time Volume / Share Price
16:35 2,433,763 @ 929.00p
16:29 1,108 @ 929.30p
16:29 800 @ 929.50p
16:29 430 @ 929.30p
16:29 430 @ 929.20p

RDSB Key Personnel

Chair Charles O Holliday
CEO Ben van Beurden
CFO Jessica Uhl