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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
EIA forecast the Brent crude oil spot price to gradually increases in the coming months, reflecting an expectation that global oil inventories will decline according to the EIA STEO released yesterday.
- The OPEC+ production cuts and rising demand are forecast to increase prices to 81$/bbl by the end of this year and average 84$/bbl next year.
- The production cuts by OPEC+ are expected to lower global oil inventories in each of the next five quarters.
- The global liquid fuels consumption forecast increases by 1.8mbpd in 2023 and by 1.6mbpd in 2024 with growth led by China and India. China’s liquid fuels consumption will rise by 0.8mbpd in 2023 and by 0.4mbpd in 2024.
- EIA forecast global liquid fuels production will increase by 1.2mbpd in 2023, primarily because of growth from non-OPEC producers such as the United States, Norway, Canada, Brazil, and Guyana. The growth offsets reduced production in Russia and OPEC.
- US crude oil production in 2024 is forecast at 12.85mbpd, compared with 12.77mbpd projected in June.
Source: EIA STEO
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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