Eky Studio/Shutterstock Save for later Print Download Share LinkedIn Twitter March supply and demand balances show that inventories are rising by 1.6 million barrels per day, which brings the first quarter supply surplus to 1.4 million b/d. The forecast for April is an inventory increase of 2.8 million b/d, while May, the first month of a voluntary Opec cut, still shows a surplus of 1.7 million b/d. But that would also be the last month that supply is outpacing demand this year as the cut and growing demand flip the world into a 2.3 million b/d deficit for the rest of 2023 starting June — assuming near-full compliance. The Apr. 2 output cut has lifted Brent to a sticky $85 per barrel.
