article thumbnail

IEA forecasts global oil demand to reach 101.6 mb/d in 2023; non-OECD countries lead expansion

Green Car Congress

The IEA June 2022 Oil Market Report (OMR) forecasts world oil demand to reach 101.6 Assuming Libya rebounds from a steep drop, the bloc’s production could increase 2.6 Nevertheless, product markets are expected to remain tight, with a particular concern for diesel and kerosene supplies. mb/d in 2022 to 2.2 mb/d and 1.9

Oil 210
article thumbnail

Opinion: Is Russia Plotting To Bring Down OPEC?

Green Car Congress

Control over the transportation assets in this region together with vast gas reserves make Russia the key element of this new market.”. The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. The emergence of the U.S.,

Russia 150
article thumbnail

Opinion: Saudis Could Face An Open Revolt At Next OPEC Meeting

Green Car Congress

OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil. Market” forces include many components. percentage points.

article thumbnail

Strong Dollar Could Cap Oil Prices

Green Car Congress

The dollar has gained more than 8 percent against the Chinese currency since March. As the Fed tightens rates and pushes up the dollar, emerging market currencies suffer from sudden shocks, sometimes severe. As capital flees some of these emerging markets and flows into safe haven assets, such as the U.S.