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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
Global oil markets will likely remain in a supply deficit for the rest of the year with a shortfall of 1.1mb/d in Q4 narrowing from the 1.3mb/d deficit in Q3 according to Bloomberg.
- The supply squeeze is being driven by continued OPEC+ output cuts and resilient demand growth despite macroeconomic headwinds, especially in China.
- Demand is forecast to increase by 1.8mb/d in 2023 to average a record-high of 101.6mb/d this year with supply up 1.2mb/d to 101.2mb/d.
- OPEC+ output cuts are projected to lower supply by 0.7b/d but non OPEC+ oil supply is set to grow by 2mb/d, led by the US.
- Demand destruction due to high oil prices, additional supply from Iran, the resumption of oil flows through the Iraq-Turkey pipeline, and the impact of Russia’s restrictions on fuel exports are areas of focus during Q4. Higher-for-longer interest rates could start to materially stifle economic activity beyond the immediate term.
Source: BNEF
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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