1. Global oil demand is set to rise to an all-time high in 2023 as China relaxes its Covid-19 restrictions in a move that may push crude prices higher in the second half of the year, according to the International Energy Agency. Demand for crude oil could rise 1.9 million barrels a day to reach an all-time high of 101.7 million b/d, the IEA said in its first monthly oil report of 2023. “Two wild cards dominate the 2023 oil market outlook: Russia and China,” the report said, adding that such robust demand would tighten “the balances as Russian supply slows under the full impact of sanctions.” (Source: ft.com)
2. Oil markets have been relatively calm of late compared with the wild ride through much of 2022. Prices have been volatile but have mostly stayed at about $80 a barrel oil for the past couple months — high by historic standards but not high enough to menace the global economy or launch politicians into action like we saw over the past 12 months. Few see the calm lasting. Wall Street’s top analysts see the makings of another price leap lurking in just about every important corner of the oil market. A run past $100 a barrel is likely in the coming months, they say, which would threaten a weak global economy anew and put energy prices back at the top of the agenda of many governments. (Source: ft.com)
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