IEA: Raises US oil output growth estimates through 2023

Haresh Menghani FXStreet

On Monday, the International Energy Agency (IEA) sharply upgraded the US oil output growth estimates by over 2 mbpd through 2023.

Key points:

• US crude oil production to hit 12.1 million bpd by 2023
• Total US liquids production will reach nearly 17 million bpd in 2023, up from 13.2 million bpd in 2017
• Production growth from US, Canada, Brazil, and Norway can keep the world well-supplied
• Over next three years, gains from US alone will cover 80% of world's oil demand growth
• China remains main engine of growth for global oil demand
• Sees global oil demand increasing to 104.7 million bpd by 2023, up by 6.9 million bpd
• Shale oil production will account for over half of the world's output growth of 6.4 million bpd

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

GBP/USD dips below 1.3350 as USD demand surges

GBP/USD extends its intraday slide and closes in on 1.3300 in the American session on Thursday. The pair remains under heavy bearish pressure as the US Dollar (USD) benefits from the risk-averse market atmosphere amid escalating geopolitical tensions in the Middle East.

EUR/USD drops toward 1.1350 post ECB decision

EUR/USD remains under heavy bearish pressure in the second half of the day on Thursday and trades at its lowest level in three weeks below 1.1370. The ECB's cautious tone on policy tightening in the near future and the broad-based US Dollar (USD) strength on risk-aversion drag the pair lower.

Gold trims gains, dips to $4,050

Gold keeps retreating on Thursday, trading well below $4,100 early in the American session. US crude oil prices climb to a fresh six-week high above $90 amid a further escalation of tensions between the US and Iran, fueling inflation fears and bolstering US Fed interest rate hike expectations. Hawkish Fed bets weigh negatively on the yieldless bullion.

XRP Price Forecast: XRP trades sideways as Ripple targets 10 million agentic AI transactions

Ripple (XRP) is losing momentum on Thursday, albeit gradually, trading above $1.13. The remittance token tagged a weekly high of $1.16 on Tuesday, with gains mainly attributed to developments on the United States (US) Clarity Act and recent signs that inflation is easing in the world’s largest economy.

Bitcoin falls as surging Oil prices revive inflation concerns

Bitcoin extends its correction, trading below $65,800 after a modest decline in the previous day. Despite BTC’s fading strength, US-listed spot Bitcoin Exchange Traded Funds continued to attract institutional inflows on Wednesday, marking the seventh consecutive day of gains.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.