Our free weekly round-up of the latest news in the oil market is below, available to download in PDF format.
- Brent is trading c. $86/bbl, up $7/bbl w-o-w after OPEC+ announced production cuts. The EIA has raised Brent forecast by $2/bbl to average $85/bbl in 2023 after the cuts announced.
- US inflation fell to 5% (y-o-y) in March compared to 6% in February, which could see the Fed easing interest rate hikes.
- OPEC is concerned about weaker US summer gasoline demand and production in March was down by 85,000 b/d m-o-m.
- IEA sees the contrary, demand to grow 2 million b/d and exceeding supply in 2H23
- IMF warned rising uncertainty to world economic outlook as Russian invasion of Ukraine continues, persistent high inflation caused by both the pandemic and the war, and banking sector turmoil
- Africa E&P activities regain lustre as Qatar farmed in Mauritania, CNOOC planning a FLNG development in Gabon, Eni and US independent Murphy active in Ivory Coast