Balance: Soothing Math Shows Balance, Reality Can Be Harsher

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

Supply and demand balances confirm the trend of a supply surplus in the first half year and a deficit in the second half. With oil demand growth unchanged for the year at 1.6 million barrels per day, subtle shifts in supply changed the quarterly outlook. The shifts see slightly more crude oil from Russia in the first half before sliding, which allows Opec to keep producing at current rates of around 28.8 million b/d before raising volumes a bit after summer. Energy Intelligence no longer sees a need for Opec to step up output ahead of summer to alleviate market tightness. The annual overall balance remains unchanged at nearly flat — with a slight bias towards a 100,000 barrels per day stock draw.

Oil Supply, Oil Demand, Oil Forecasts, Crude Oil, Oil Products
Wanda Ad #2 (article footer)
Net exports of crude and refined products from the US plunged in January, but still averaged almost 1 million barrels per day.
Fri, Mar 31, 2023