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- Goldman Sachs raised its 2022 price forecast for Brent crude from $99 to $104 per barrel. The increase was driven by the OPEC+ decision to reduce output by 2 million bpd.
oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Boosts-Oil-Price-Predictions-In-Bullish-Update.htmlGoldman Sachs Boosts Oil Price Predictions In Bullish Update
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Dec 14, 2022 · World oil demand is set to contract by 110 kb/d y-o-y in 4Q22, reaching 100.8 mb/d, up by 130 kb/d compared with last month’s Report. Strong gasoil use in key consuming countries outweighs weak European and Asian petrochemical deliveries.
Aug 11, 2022 · World oil demand is now forecast at 99.7 mb/d in 2022 and 101.8 mb/d in 2023. World oil supply hit a post-pandemic high of 100.5 mb/d in July as maintenance wound down in the North Sea, Canada and Kazakhstan. OPEC+ ramped up total oil production by 530 kb/d in line with higher targets and non-OPEC+ rose by 870 kb/d.
Follow live oil prices with the interactive chart and read the latest crude oil news, analysis and crude oil forecasts for expert trading insights.
Jul 13, 2022 · Highlights. Higher prices and a deteriorating economic environment have started to take their toll on oil demand, but strong power generation use and a recovery in China are providing a partial offset. Global oil demand growth has been marginally reduced to 1.7 mb/d in 2022, reaching 99.2 mb/d.
- The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand, which is now expected to contract by 340 kb/d y-o-y in 4Q22.
- World oil supply rose by 300 kb/d in September to 101.2 mb/d, with OPEC+ providing over 85% of the gains. After a massive 2.1 mb/d boost from 2Q22 to 3Q22, growth is forecast to decelerate markedly, to 170 kb/d from 3Q22 to 4Q22, following the OPEC+ decision to cut official production targets by 2 mb/d from November – a 1 mb/d cut to actual output given the bloc’s underperformance vis-à-vis quotas.
- Global refining activity is responding to the slowdown in demand and lower refinery margins, with 3Q22 runs coming in lower than expected. Our forecasts for 4Q22 and 2023 have been revised down by 340 kb/d and 720 kb/d, respectively, following demand downgrades and OPEC+ production cuts.
- Russian oil exports fell by 230 kb/d to 7.5 mb/d in September, down 560 kb/d from pre-war levels. Shipments to the EU dropped by 390 kb/d m-o-m. With less than two months to go before a ban on Russian crude oil imports comes into effect, EU countries have yet to diversify more than half of their pre-war import levels away from Russia.
Jul 24, 2022 · Oil rose as tight near-term supplies outweighed expectations of another rate hike this week and an eventual economic slowdown. West Texas Intermediate rose 2.1% to settle above $96 a barrel.
Sep 14, 2022 · Oil edged up 1% on Wednesday as an international energy watchdog expects an increase in gas-to-oil switching due to high prices this winter, even though the outlook for demand remains gloomy.
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