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Dec 14, 2022 · 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. A steeper drop is expected next month as the EU ban on Russian crude imports and the G7 price cap take effect.
Crude Oil increased 6.83 USD/BBL or 9.53% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 79.30 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations.
Dec 12, 2023 · December 12, 2023. Next expected update. December 2024. Date range. 1861–2022. Unit. current US$ per cubic meter. Sources and processing. This data is based on the following sources. Energy Institute – Statistical Review of World Energy.
Aug 11, 2022 · World oil demand is now forecast at 99.7 mb/d in 2022 and 101.8 mb/d in 2023. World oil supply hit a post-pandemic high of 100.5 mb/d in July as maintenance wound down in the North Sea, Canada and Kazakhstan. OPEC+ ramped up total oil production by 530 kb/d in line with higher targets and non-OPEC+ rose by 870 kb/d.
- The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand, which is now expected to contract by 340 kb/d y-o-y in 4Q22.
- World oil supply rose by 300 kb/d in September to 101.2 mb/d, with OPEC+ providing over 85% of the gains. After a massive 2.1 mb/d boost from 2Q22 to 3Q22, growth is forecast to decelerate markedly, to 170 kb/d from 3Q22 to 4Q22, following the OPEC+ decision to cut official production targets by 2 mb/d from November – a 1 mb/d cut to actual output given the bloc’s underperformance vis-à-vis quotas.
- Global refining activity is responding to the slowdown in demand and lower refinery margins, with 3Q22 runs coming in lower than expected. Our forecasts for 4Q22 and 2023 have been revised down by 340 kb/d and 720 kb/d, respectively, following demand downgrades and OPEC+ production cuts.
- Russian oil exports fell by 230 kb/d to 7.5 mb/d in September, down 560 kb/d from pre-war levels. Shipments to the EU dropped by 390 kb/d m-o-m. With less than two months to go before a ban on Russian crude oil imports comes into effect, EU countries have yet to diversify more than half of their pre-war import levels away from Russia.
Jan 4, 2023 · On December 8, the price of Brent crude oil reached the lowest 2022 price, at $75/b. Crude oil supply also increased in the second half of the year from U.S. and international Strategic Petroleum Reserve release programs, which increased the global supply of crude oil.
Jan 19, 2022 · World oil supply in 2022 has the potential for a Saudi-driven gain of 6.2 mb/d if OPEC+ fully unwinds its cuts. Oil output from OPEC+ could rise this year by 4.4 mb/d, resulting in reduced effective spare capacity in 2H22 of 2.6 mb/d, held primarily by Saudi Arabia and the United Arab Emirates.
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