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- OPEC+, which comprises OPEC, Russia and other allies, has been taking more steps to support the oil market in 2023.
www.reuters.com/business/energy/opec-holds-2023-oil-demand-view-steady-warns-economic-outlook-2023-06-13/OPEC holds oil demand view steady despite economic growth ...
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Oct 9, 2023 · World demand in 2028 will reach 110.2 million bpd, OPEC said, up from 102 million bpd in 2023. It predicted oil use in 2027 would reach 109 million bpd, up from 106.9 million bpd estimated in...
Aug 31, 2023 · A group of 37 economists and analysts have raised their 2023 oil price forecasts for the first time in four months saying OPEC+ output cuts will be enough to offset weak economic growth...
- Alex Kimani
- World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity.
- Global oil supply plunged by 910 kb/d to 100.9 mb/d in July. A sharp reduction in Saudi production in July saw output from the OPEC+ bloc fall 1.2 mb/d to 50.7 mb/d, while non-OPEC+ volumes rose 310 kb/d to 50.2 mb/d.
- Refinery throughputs are set to reach a summer peak of 83.9 mb/d in August, up 2.4 mb/d since May and 2.6 mb/d higher than a year ago. The increase in refined product output has failed to ease product market tightness, pushing gasoline and middle distillate cracks to near record-highs.
- Russian oil exports held steady at around 7.3 mb/d in July, as a 200 kb/d decline in crude oil loadings was offset by higher product flows. Crude exports to China and India eased m-o-m but accounted for 80% of Russian shipments.
Oct 9, 2023 · World Oil Outlook 2023 sees global oil demand at 116 mb/d in 2045. 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.
Jun 13, 2023 · OPEC left its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, though the producer group warned that the world economy faced rising uncertainty and slower...
While the market could significantly tighten in the coming months as OPEC+ production cuts temper the upswing in global oil supplies, the outlook improves over our 2022-28 forecast period. Russia’s invasion of Ukraine sparked a surge in oil prices and brought security of supply concerns to the fore, helping accelerate deployment of clean ...
Non-OPEC+ will again drive global gains in 2024, projected at 1.2 mb/d after OPEC+ deepens its voluntary oil cuts. Russian crude export prices declined sharply in November, with Urals falling below the $60/bbl price cap on 6 December.
