Paul Lowry
The fall in Saudi Arabia's oil production and Russia's exports might put pressure on inflation, the agency writes, causing the imbalance to grow to its highest level since 2007. Data of analysts shows that the global oil shortage increased from 0.1 million barrels at the beginning of the year to 1.8 million barrels by the second quarter of 2023.
Due to Saudi Arabia's production reductions, Brent crude prices have risen beyond $90 per barrel. According to trading statistics from London's ICE Futures exchange, the price of a barrel of November Brent crude futures surpassed $92 on September 12 for the first time since 2017.
The OPEC report predicts that the average global oil demand would rise by 2.4 million barrels per day (bpd) in 2023 and by 2.2 million bpd in 2024, reaching 104.3 million bpd.
source: bloomberg.com
Due to Saudi Arabia's production reductions, Brent crude prices have risen beyond $90 per barrel. According to trading statistics from London's ICE Futures exchange, the price of a barrel of November Brent crude futures surpassed $92 on September 12 for the first time since 2017.
The OPEC report predicts that the average global oil demand would rise by 2.4 million barrels per day (bpd) in 2023 and by 2.2 million bpd in 2024, reaching 104.3 million bpd.
source: bloomberg.com
