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- The EIA, in its July Short-Term Energy Outlook, now sees WTI this year averaging $98.79/b, down $3.68/b from last month, and expects Brent in 2022 to average $104.05/b, down $3.32/b from the prior month. For 2023, the EIA expects WTI at $89.75/b and sees Brent at $93.75/b, both down $3.49/b from the prior month.
www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/071222-us-eia-lowers-2022-oil-price-outlook-by-more-than-3b-for-wti-brentUS EIA lowers 2022 oil price outlook by more than $3/b for ...
People also ask
Will oil prices rise in 2022?
What will global oil demand look like in 2022?
How much oil does the world need in 2022?
What is the outlook for world oil supply in 2022?
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.
- 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.
- World oil supply fell 190 kb/d in November to 101.7 mb/d, breaking a five-month uptrend, after Saudi Arabia and other Gulf countries curbed supply in line with lower OPEC+ output targets.
- Global refinery throughputs surged 2.2 mb/d in November to the highest since January 2020, resulting in sharply lower diesel and gasoline cracks and refinery margins.
- Russian oil exports increased by 270 kb/d to 8.1 mb/d, the highest since April as diesel exports rose by 300 kb/d to 1.1 mb/d. Crude oil loadings were largely unchanged m-o-m, even as shipments to the EU fell by 430 kb/d to 1.1 mb/d.
Oil price charts for Brent Crude, WTI & oil futures. Energy news covering oil, petroleum, natural gas and investment advice.
The oil price charts offer live data and comprehensive price action on WTI Crude and Brent Crude patterns. Get information on key pivot points, support and resistance and crude oil news...
- World oil demand growth is forecast to slow to 1.9 mb/d in 2Q22 from 4.4 mb/d in 1Q22 and is now projected to ease to 490 kb/d on average in the second half of the year on a more tempered economic expansion and higher prices.
- Russia shut in nearly 1 mb/d in April, driving down world oil supply by 710 kb/d to 98.1 mb/d. Over time, steadily rising volumes from Middle East OPEC+ and the US along with a slowdown in demand growth is expected to fend off an acute supply deficit amid a worsening Russian supply disruption.
- Global refinery margins have surged to extraordinarily high levels due to depleted product inventories and constrained refinery activity. Throughputs in April fell 1.4 mb/d to 78 mb/d, the lowest since May 2021, largely driven by China.
- Global observed oil inventories declined by a further 45 mb during March and are now a total 1.2 billion barrels lower since June 2020. In the OECD, the release of 24.7 mb of government stocks during March halted the precipitous decline in industry inventories.
Apr 15, 2022 · The price of oil spiked to a fresh yearly high ($130.50) in March amid the disruptions caused by the Russia-Ukraine war. Current market conditions may lead to higher crude prices as...
Forecast. Alerts. WTI crude futures held near $84 per barrel on Friday and were set to advance for the fourth straight week as falling US crude inventories and signs of strong seasonal demand supported oil prices. The US oil benchmark is up about 3% so far this week.
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