- Oil heads for a fourth consecutive weekly gain
- May ’23 WTI gained 3c this morning to trade around $82.19/Bbl
- The U.S. Dollar fell to its lowest since April 2022, making oil more affordable for holders of other currencies
- Equities rose yesterday after CPI and PPI data came in as expected or slightly below expectations
- IEA lowers global crude production expectations for 2023 in its monthly report
- OPEC released its monthly report, explaining the reasons behind the bloc's unexpected production cuts
- Kurdish oil exports (0.45 MMBbl/d) remained halted since March 25 as Iraq negotiates with Turkey
- IEA warns of potential price increases and inflation; Supply growth revised down due to OPEC+ cuts (BBG)
- IEA, in its monthly report, revised the 2023 oil supply down by 0.4 MMBbl/d due to OPEC's production cuts
- Global production growth is expected to slow sharply to 1.2 MMBbl/d in 2023 from 4.6 MMBbl/d in 2022, with the US and Brazil being major producers
- Global oil demand for 2023 is unchanged at 101.9 MMBbl/d, with non-OECD countries driving 90% of the growth, while the U.S. and Europe have slowing demand due to industrial activity weakness
- The group warns that the gap between crude demand and supply forecasts for 2023 could lead to higher prices and inflation
- OPEC highlights supply and market uncertainty in April report (BBG)
- OPEC+ keeps the 2023 global demand growth forecast at +2.3 MMBbl/d in their April report but lowers U.S. and European demand due to possible recession
- Non-OPEC 2023 supply to grow 1.4 MMBbl/d; US, Brazil, Norway, Canada, Kazakhstan, and Guyana to lead growth; Russian supply expected to decline
- OPEC notes uncertainty around U.S. production growth and emphasizes supply surplus of crude inventories above 5-year averages
- The cartel described its output cuts as "precautionary measures aimed at supporting the stability of the market" based on the current output of 0.3 MMBbl/d above what's needed for April-June 2023