OPEC expects international oil demand to rise in 2023 however at a slower tempo than 2022, the producer group said in its first forecast for subsequent 12 months, citing nonetheless strong financial progress and progress in containing COVID-19 in China
The closure of the CPC pipeline that carries oil from Kazakhstan to the Black Sea Russian export terminal in the port of Novorossiisk would shut in more than 1% of global oil supply
The oil and gas industry is “under siege” due to years of under-investment, the OPEC Secretary General Mohammad Barkindo said, adding the resulting supply shortage could be eased if extra supplies from Iran and Venezuela were allowed to flow
Oil rose as supply concerns driven by lower OPEC output, unrest in Libya and sanctions against Russia outweighed fears of a demand-sapping global recession
OPEC+ said it would stick to its planned oil output hikes in August but avoided discussing policy from September onwards as prices have risen on tight global supplies and worries that the group has little ability to pump more crude
At its last gathering in early June, OPEC+ decided to raise output each month by 648,000 barrels per day (bpd) in July and August, compared with a previous plan to add 432,000 bpd over three months
Schlumberger is looking at the offshore oil sector as a major driver of growth, Le Peuch said. He pointed to an expected 50% increase in offshore investment over the next four years, compared with the period from 2016 to 2019
World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said, although sky-high oil prices and weakening economic forecasts dimmed the future outlook
OPEC has stuck with its forecast that world oil demand will exceed pre-pandemic levels in 2022, although the producer group said Russia’s invasion of Ukraine and developments around the coronavirus pandemic pose a considerable risk
Efforts by OPEC+ oil producers to boost output are “not encouraging”, UAE energy minister Suhail al-Mazrouei said, noting the group was currently 2.6 million barrels per day short of its target
