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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.
OIL
EIA forecasts global oil consumption is to outpace global oil production in 2023, contributing to an increase in oil prices in the second half of 2023.
- Global liquid fuels production is forecast to average 100.67mn b/d during 2023. Average consumption is estimated at 100.98mn b/d for 2023, data from the EIA November STEO report show.
- US crude production is expected to increase by about 480kbpd to 12.31mbpd down from the previous growth forecast of 610kbpd.
- Brent crude oil price are estimated to rise from an average of 94$/bbl in the first half of 2023 to an average of 98$/bbl in 4Q23, averaging 95$/bbl for all of 2023. The Brent crude oil spot price averaged 93$/bbl in October.
- Weakening global economic conditions could limit oil demand growth, while further supply disruptions from the EU’s impending ban on Russian crude oil could support prices in the coming months.
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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