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- 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.
- World oil demand will grow by 2.4 mb/d in 2023 to 102.3 mb/d, a new record. China’s rebound continues unabated, with its oil demand reaching an all-time high of 16.3 mb/d in April.
- Non-OPEC+ leads world supply growth through next year, adding 1.9 mb/d in 2023 and 1.2 mb/d in 2024. As for OPEC+, total oil output in 2024 is set to decline by 200 kb/d as production curbs are carried through the year.
- Russian oil exports dropped by 260 kb/d in May to 7.8 mb/d, largely unchanged from a year ago. Crude oil exports rose by 90 kb/d to 5.2 mb/d while product exports slumped by 350 kb/d to 2.6 mb/d.
- Global refinery throughputs are forecast to increase by 1.8 mb/d in 2023 and 1 mb/d next year when it averages 83.4 mb/d. A further decline in OECD crude runs next year is more than offset by the 1.3 mb/d increase in non-OECD activity.
Non-OPEC+ producers lead oil supply capacity growth. Global upstream oil and gas investment is on track to increase by an estimated 11% in 2023 to USD 528 billion, compared with USD 474 billion in 2022. While the impact of higher spending will be partly offset by cost inflation, this level of investment, if sustained, would be adequate to meet ...
- Global oil demand is set to rise by 1.9 mb/d in 2023, to a record 101.7 mb/d, with nearly half the gain from China following the lifting of its Covid restrictions.
- World oil supply growth in 2023 is set to slow to 1 mb/d following last year’s OPEC+ led growth of 4.7 mb/d. An overall non-OPEC+ rise of 1.9 mb/d will be tempered by an OPEC+ drop of 870 kb/d due to expected declines in Russia.
- Global refinery activity was steady in December as US runs plunged 910 kb/d due to weather-related outages, but higher runs in Europe and Asia offset the fall.
- Russian oil exports fell by 200 kb/d m-o-m in December to 7.8 mb/d, as crude shipments to the EU declined after the EU crude embargo and G7 price cap came into effect.
Oct 19, 2023 · The key issue is investment in an industry that is capital intensive and with long-lead times, and one where the products derived from crude oil are essential for our daily lives. In the WOO 2023, investment requirements out to 2045 total $14 trillion, or around $610 billion on average per year. We need a long-term stable investment-friendly ...
Jun 29, 2023 · Global oil demand surges to record high in 2023. ... oil demand for 2023 is expected to be lower than in 2019 (14.9 mbpd vs. 15.7 mbpd). ... with consumption continuing to rise until 2028, when it ...
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Oct 9, 2023 · World Oil Outlook 2023 sees global oil demand at 116 mb/d in 2045. No 19/2023. Riyadh, Kingdom of Saudi Arabia. 09 Oct 2023. The 2023 OPEC World Oil Outlook (WOO) was launched today at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in the Kingdom of Saudi Arabia. First published in 2007, the WOO offers a detailed review and ...
