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Jan 4, 2023 · On March 8, 2022, the combination of Russia’s invasion of Ukraine with low global crude oil inventories lifted the 2022 crude oil price to the highest inflation-adjusted price since 2014. The WTI price followed a similar path as the Brent crude oil price in 2022, averaging $5/b less than the Brent crude oil price, compared with $3/b less in 2021.
Feb 24, 2022 · In July 2020, just a few months after the COVID-19 pandemic started to spiral out of control, Shell CEO Ben van Beurden declared world oil demand may have passed its peak - all but condemning his ...
Mar 17, 2021 · The global economy and oil markets are recovering from the historic collapse in demand caused by the coronavirus (Covid-19) pandemic in 2020. The staggering inventory surplus that built up last year is being worked off and global oil stocks, excluding strategic reserves, will return to pre-pandemic levels in 2021.
Oil Market Highlights vi OPEC Monthly Oil Market Report – December 2021 Norway and Guyana. OPEC NGLs are forecast to grow by 0.1 mb/d both in 2021 and 2022 to average 5.1 mb/d and 5.3 mb/d, respectively. In November, OPEC crude oil production increased by mb/d m-o-m, to 0.29 average 27.72 mb/d, according to available secondary sources.
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Apr 3, 2022 · War in Ukraine and sanctions on Russia have put fear in global oil markets, causing already high energy prices to hit a 14-year high. And Americans are paying for it at the pump.
Jul 13, 2022 · Global oil demand growth has been marginally reduced to 1.7 mb/d in 2022, reaching 99.2 mb/d. A further 2.1 mb/d gain is expected in 2023, led by a strong growth trajectory in non-OECD countries. World oil supply jumped by 690 kb/d to 99.5 mb/d in June as resilient Russian production and higher output from the US and Canada more than offset steep maintenance-related losses from Kazakhstan.
Mar 14, 2024 · Brent crude oil spot price and global oil inventory changes. dollars per barrel (million barrels per day) The extension of OPEC+ production cuts through 2Q24 results in more upward price pressure than we previously expected. Data source: U.S. Energy Information Administration; Refinitiv, and LSEG Business. Joe DeCarolis, Washington DC, 2 March ...
