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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 has raised the crude price forecast by about 2$/bbl to 85$/bbl for Brent and 79.24$/bbl for WTI this year according to the Short Term Energy Outlook released yesterday. The higher price forecast reflects less global production in 2023 and a relatively unchanged outlook for global oil consumption although with the potential risk that economic and oil demand growth could be lower.
- The EIA lowered its forecast for 2023 global oil production to 101.3mbpd from its March estimate of 101.47mbpd, while reducing demand forecast for this year to 100.87mbpd from 100.9mbpd.
- A reduced forecast of OPEC production by 0.5mbpd for the rest of 2023 is partly offset by a 0.3mbpd increase in Russia's production. OPEC output is forecast to rise by 1mbpd in 2024 after the group's output agreement expires.
- Total non-OPEC liquid fuels production is expected to grow by 1.9mbpd in 2023 and by 1mbpd in 2024 led by US, Brazil, Canada and Guyana.
- US crude production will increase 5.5% to 12.54mbpd this year compared to 12.44mbpd forecast last month. Production will rise by another 1.7% to 12.75mbpd in 2024 compared to the previous forecast of 12.63mbpd. Output is expected to grow annually at an average rate of 210kbpd.
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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