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- NEW YORK, Dec 29 (Reuters) - Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world.
www.reuters.com/markets/commodities/oil-prices-end-year-10-lower-demand-concerns-snap-winning-streak-2023-12-29/Oil prices shed 10% in 2023 as supply, demand concerns weigh
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Mar 7, 2024 · Canadian exports of crude oil and equivalent products also reached a record high in 2023. Steadily rising since 2021, crude oil exports totalled 230.0 million cubic metres, up 3.2% from 2022. As more Canadian crude oil was exported, stocks diminished throughout 2023.
Global oil markets are gradually recalibrating after three turbulent years in which they were upended first by the Covid-19 pandemic and then by Russia's invasion of Ukraine. Benchmark crude oil prices are back below pre-war levels and refined product cracks have now come off all-time highs after rising supplies coincided with a marked slowdown ...
Dec 29, 2023 · Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world.
- Nicole Jao
- World oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
- US oil supply growth continues to defy expectations, with output shattering the 20 mb/d mark. This, combined with record Brazilian and Guyanese production along with surging Iranian flows will lift world output by 1.8 mb/d to 101.9 mb/d in 2023.
- Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December. The lower prices and a 200 kb/d drop in oil shipments pushed November export revenues for crude and products down 17% m-o-m to $15.2 billion, a level not seen since July 2023.
- Refinery margins in Europe and Singapore rebounded marginally in November, but the US Gulf Coast underperformed again, slipping for the third month running.
Jun 12, 2024 · Release date: 2024-06-12. After declining the past three years, Canadian crude oil * imports grew in 2023, breaking the downward trend that started during the COVID-19 pandemic. In 2023, crude oil imports increased slightly to 490 thousand barrels per day (Mb/d), 4.8% higher than 2022, and 3.5% higher than 2021.
Dec 4, 2023 · The most recent projections from BP this year all show global oil demand plateauing or declining from 2025 at the latest, depending on the strength of climate action, and declining up to 2050.
1 day ago · World oil demand is on track to expand by just shy of 900 kb/d in 2024 and close to 1 mb/d in 2025, marking a sharp slowdown on the roughly 2 mb/d seen over the 2022-2023 post-pandemic period. China underpins the deceleration in growth, accounting for around 20% of global gains both this year and next year, compared to almost 70% in 2023.
