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Jun 14, 2022 · Demand fell off sharply during pandemic lockdowns, briefly pushing the price of oil below zero. The war in Ukraine has disrupted Russian oil supplies, causing a spike in prices.
Jun 22, 2023 · Oil notched its biggest weekly drop since early May as the Federal Reserve signaled potential rate hikes ahead and European data flagged the risk of an economic slowdown.
Jun 22, 2022 · NEW YORK, June 22 (Reuters) - Oil prices tumbled around 3% on Wednesday as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into recession, dampening...
2 days ago · Oil prices eased about 1% on Wednesday on worries over weak U.S. gasoline demand and economic data that could cause the U.S. Federal Reserve to keep interest rates higher for longer.
People also ask
Why did crude oil prices decrease in 2022?
Why did oil prices ease 1% on Wednesday?
How did high oil prices affect gasoline demand in 2022?
Why did oil prices tumble around 3% on Wednesday?
- World oil demand is forecast to reach 101.6 mb/d in 2023, surpassing pre-pandemic levels. While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to 2.2 mb/d in 2023.
- Non-OPEC+ is set to lead world supply growth through next year, adding 1.9 mb/d in 2022 and 1.8 mb/d in 2023. As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines.
- Global refining capacity is set to expand by 1 mb/d in 2022 and 1.6 mb/d in 2023, boosting throughputs by 2.3 mb/d and 1.9 mb/d, respectively. Nevertheless, product markets are expected to remain tight, with a particular concern for diesel and kerosene supplies.
- Following nearly two years of declines, observed global oil inventories increased by 77 mb in April. OECD industry stocks also rose, by 42.5 mb (1.42 mb/d), helped by government stock releases of nearly 1 mb/d.
Jan 4, 2023 · From June 8 through the remainder of 2022, crude oil prices generally decreased as concerns about a possible economic recession reduced demand. High petroleum prices were one cause of persistent broad-based inflation in 2022 that affected consumer budgets and gasoline demand.
Aug 17, 2022 · The majority of its reports since late June indicated that oil prices declined due to an increase in anticipated oil supply and a decrease in oil demand expectations.
