Oil prices up further as OPEC projects tighter supply
by ChemOrbis Editorial Team - content@chemorbis.com
According to the latest monthly report of the Organization of the Petroleum Exporting Countries (OPEC), the recent extension of output cuts to the end of 2023 from Saudi Arabia and Russia may increase supply deficit to 3 million barrels/day, the highest level since 2007.
Crude oil stocks in developed economies have already been 114 million barrels below the 2015-2019 period’s average, the report showed.
Meanwhile, OPEC stuck to its earlier expectations on oil demand growth for 2023 and 2024, which takes projections of a recovery in major economies despite the persisting global headwinds. According to the report, OPEC still expects that global oil demand will rise by 2.25 million barrels per day in 2024, compared to the growth of 2.44 million bpd in 2023.
Following the news, global crude oil benchmarks climbed by about 2% on Tuesday settlements. At the time of writing, Brent oil futures hovered around $92.69/bbl, while WTI values stood at $89.52/bbl.
Crude oil stocks in developed economies have already been 114 million barrels below the 2015-2019 period’s average, the report showed.
Meanwhile, OPEC stuck to its earlier expectations on oil demand growth for 2023 and 2024, which takes projections of a recovery in major economies despite the persisting global headwinds. According to the report, OPEC still expects that global oil demand will rise by 2.25 million barrels per day in 2024, compared to the growth of 2.44 million bpd in 2023.
Following the news, global crude oil benchmarks climbed by about 2% on Tuesday settlements. At the time of writing, Brent oil futures hovered around $92.69/bbl, while WTI values stood at $89.52/bbl.
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