The future price of crude oil still uncertain CanadiansInvest
International Energy Agency is warning of higher oil prices in the second half of the year, but …The International Energy Agency is warning of higher oil prices in the second half of the year, with global oil demand this year on track to rise to a record 101.9 million barrels per day . This is two million bpd higher than last year.
“It should be noted that potential challenges to global economic development include high inflation, monetary tightening, stability of financial markets and high sovereign, corporate and private debt levels,” Reuters quoted OPEC as saying. Much depended on the reopening of China post-COVID, yet that would still not stop a decline in global refining intake of crude, the report pointed out.
In its latest Short-Term Energy Outlook , the EIA projected the overall global oil production to grow by 1.5 million bpd in 2023 due to solid growth from non-OPEC countries, excluding Russia. Non-OPEC+ production growth will primarily be driven by North and South America, the administration said. “Increasing risks in the U.S. and global banking sectors increases uncertainty about macroeconomic conditions and their potential effects on liquid fuels consumption, which increases the possibility of liquid fuels consumption being lower than our current forecast,” the EIA report added, emphasizing, “we expect global oil markets will be in relative balance over the coming year.”
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