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OPEC's position in the oil market is slipping, and next year's massive supply glut will likely further loosen the cartel's grip. ... The IEA expects world oil demand growth to accelerate next year ...
Oil rose for the next two weeks, with Brent ending at $87.63 and WTI at $81.31, with loosening of restrictions in China a big reason, along with expectation of smaller interest rate increases. A lower oil rig count and the Russian cap also contributed, though U.S. crude inventories were the highest since June 2021. [2]
The World Bank report points out the conflict's modest impact on commodity prices so far reflects a more diversified world oil supply market, individual countries' petroleum reserves, and reduced ...
Low demand for oil in the U.S., lower U.S. unemployment, a strong U.S. dollar and losses in the stock market contributed to WTI falling nearly 4 percent on September 4 to $39.77, the first time below $40 since July. WTI ended the week down 7.5 percent after four up weeks, and Brent finished the week at $42.66, down nearly 7 percent.
Demand data shows an upward trend, despite a choppy recovery in China post-COVID lockdowns. "World oil demand is scaling record highs," said the International Energy Agency in a recent note.
Map of countries with proven oil reserves - according to US EIA (start of 2017) Trends in proven oil reserves in top five countries, 1980–2013 (data from US Energy Information Administration) A map of world oil reserves according to OPEC, January 2014
The International Energy Agency said world oil demand is on track to hit 101.7 million barrels per day (mbpd) in 2023, “but this masks the impact of a further weakening of the macroeconomic ...
Top 5 oil-producing countries 1980–2022 World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.