OPEC Monthly Oil Market Report January 2022

The OPEC Monthly Oil Market Report (MOMR) for January released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.   MOMR Highlights Oil demand growth in the OECD is estimated to have averaged 2.5 mb/d and, in the non-OECD region, oil demand growth is estimated at 3.1 mb/d for the year. In 2022, the forecast for world oil demand growth also remains unchanged … Continue reading “OPEC Monthly Oil Market Report January 2022”

OPEC Monthly Oil Market Report December 2021

The OPEC Monthly Oil Market Report (MOMR) for December released Monday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply.   MOMR Highlights Oil demand was adjusted higher in 1H21, amid better-than-anticipated transportation fuel consumption in OECD, offset by a downwardly-revised estimate for 3Q21 due to increased COVID-19 cases and softer industrial production in China, as well as easing transportation fuel recovery in India. … Continue reading “OPEC Monthly Oil Market Report December 2021”

OPEC Says US Led Planned Oil Reserves Release Will Bloat Crude Surplus

OPEC warned of oil gluts in response to the U.S. announcing it will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower oil prices in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom. OPEC’s advisory body ahead of a meeting with OPEC+ next week predicted that the excess in markets would expand by 1.1 million barrels a day in January. The advisory board also saw February … Continue reading “OPEC Says US Led Planned Oil Reserves Release Will Bloat Crude Surplus”

U.S. Trade Deficit Rises As Imports Continue To Grow Faster Than Exports

The US trade deficit in August was $73. 3Billion up from prior month’s $70.30 billion. The China and US trade deficit rose to -$28.1B. By contrast Australia’s trade balance for August revealed a massive surplus of AUD15,077 million

Rebuilding Inventories With Imports Saw U.S. Trade Deficit Rise to $71.2 billion in May

The US trade deficit increased 3.1% to $71.2 billion in May as rebuilding inventories for rising demand in a reopening economy pulled in imports. Goods imports rose 1.2% to $234.7 billion and exports of goods gained 0.3% to $145.5 billion, a record high.