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- U.S. crude was forecast to average $76.23 in 2022, versus the $71.38 forecast last month. "Given how tight markets are, oil certainly can rally above $100, particularly if OPEC+ supply increases continue to lag behind their target, U.S. producers fail to respond or if the Ukraine-Russia crisis worsens," the Economist Intelligence Unit said.
www.reuters.com/business/rising-geopolitical-tension-demand-send-oil-price-outlook-soaring-2022-01-31/Rising geopolitical tension and demand send oil price outlook ...
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EIA forecasts crude oil prices will increase through 2024 as demand rises above supply. tags: STEO consumption/demand crude oil liquid fuels oil/petroleum prices + production/supply.
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Mar 16, 2022 · We forecast that the price for WTI, the U.S. benchmark, will average $113/b in March and $112/b for the second quarter of 2022. Our forecast is subject to heightened levels of uncertainty due to various factors, including Russia’s further invasion of Ukraine, government-issued limitations on energy imports from Russia, Russian petroleum ...
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. The Brent-WTI crude oil spread (the difference between the two prices) increased in 2022 relative to 2021 because European countries needed to replace crude oil supplies they were importing from Russia with crude oil from another source.
- 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.
- 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.
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.
Feb 8, 2022 · The U.S. Energy Information Administration raised its 2022 forecasts for U.S. and global benchmark oil prices by about 11%, according to a monthly report released Tuesday. The EIA said this...
