← Back to Blog

Oil Market Snapshot – September 2023

  • Brent is rising above $90/bbl due to supply constraints, with Saudi Arabia and Russia extending their voluntary cuts of 1.3 mb/d until year-end, and global demand is on the rise.  Russian diesel ban contributes to global fuel and oil price surge. Brent currently trading at $93/bbl. Central banks’ unchanged rates have limited price impact.
  • The EIA projects Brent to average $93/bbl in Q423, and major investment banks like Barclays, Goldman Sachs, Citi, and UBS have raised their forecasts to above $90/bbl, with some even reaching $100/bbl.
  • Hawkish central banks, geopolitical risks, and trade tensions may increase oil price volatility.
  • Anticipated demand growth for this year is around 2.28 mb/d, with China contributing 1.65 mb/d and strong Indian demand.
  • Supply stress is exacerbated by outages in Libya, China, Kazakhstan, a decline in Angola, and reduced seasonal biofuel production.

Please log in to view
the rest of this report.

Not yet a subscriber?
Contact us today!

If you do not yet have an account with us and would like to register or find out more, please contact us using our client services form, send an email to admin@petrologica.com or call us on +44(0)1206 823 295.

by Fay Chen // 31 October, 2023

←   Back to Blog