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Global crude runs in 4Q23 are expected to be materially weaker than previously estimated on deeper and longer refinery turnarounds, falling 3.6 mb/d m-o-m in October and only slowly recovering to a seasonal peak of 84.2 mb/d by December 2023. Global observed oil inventories declined by 19.6 mb in October.
- Oil Market Report - October 2023 – Analysis - IEA
Refinery crude runs are expected to rise by 1.7 mb/d in 2023...
- Oil Market Report - January 2023 – Analysis - IEA
World oil supply growth in 2023 is set to slow to 1 mb/d...
- Oil Market Report - October 2023 – Analysis - IEA
- Evidence of demand destruction is appearing with preliminary September data showing that US gasoline consumption fell to two-decade lows. Buoyant demand growth in China, India and Brazil, nevertheless underpins an increase of 2.3 mb/d to 101.9 mb/d in 2023, of which China accounts for 77%.
- World oil output rose 270 kb/d in September to 101.6 mb/d, led by higher production from Nigeria and Kazakhstan. The Israel-Hamas conflict has not had any direct impact on oil flows.
- Refinery margins fell sharply from near-record levels over the course of September and into October, as gasoline and fuel oil cracks collapsed, but overall remained above the seasonal average.
- Global observed oil inventories tumbled by 63.9 mb in August, led by a massive 102.3 mb draw in crude oil stocks. Preliminary data suggest that on land inventories continued to draw in September, while oil on water rebounded as exports recovered.
- 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.
Jan 24, 2024 · The Global Energy Perspective 2023 models the outlook for demand and supply of energy commodities across a 1.5°C pathway, aligned with the Paris Agreement, and four bottom-up energy transition scenarios. These energy transition scenarios examine outcomes ranging from warming of 1.6°C to 2.9°C by 2100 (scenario descriptions outlined below in sidebar “About the Global Energy Perspective ...
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. First published in 2007, the WOO offers a detailed review and assessment of the medium- and long-term prospects for the ...
Oct 24, 2023 · The World Energy Outlook 2023 provides in-depth analysis and strategic insights into every aspect of the global energy system. Against a backdrop of geopolitical tensions and fragile energy markets, this year’s report explores how structural shifts in economies and in energy use are shifting the way that the world meets rising demand for ...
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Mar 15, 2023 · In its latest monthly oil market report, the Paris-based energy watchdog said it now sees global oil demand averaging 102.02 million b/d in 2023, 2 million b/d higher than in 2022. The gains will accelerate over the year, however, rising to 2.6 million b/d year on year in the fourth quarter, from just 710,000 b/d in the current quarter, the IEA ...
