The international oil market has undergone a paradigm shift since the advent of cutting-edge technology used in the development of nonconventional shale oil in the United States.
The international oil market has undergone a paradigm shift since the advent of cutting-edge technology used in the development of nonconventional shale oil in the United States. The game-changing technology that holds the potential to increase both oil and gas supplies has effectively altered the industry’s trajectory from one of ever rising oil prices and growing supply scarcity to one more driven by advanced technology that will expand global supplies much further into the future.
OPEC+ producers are increasing output in the face of a global economic downtown. This will be a major test for non-OPEC producers, but OPEC+ seems confident that time is on its side.
Global demand forecasts by leading agencies have diverged sharply, reflecting a deepening sense of uncertainty about the future path of the global economy.
Proposed Russian investments may come in handy as Iran attempts to develop its gas infrastructure, but international sanctions and geopolitics pose major problems.
A substantial drawdown on global oil stocks is forecast for the fourth quarter amid record oil demand, accelerating the rise in oil prices to the $100 per barrel threshold.
Saudi Arabia extends steep “voluntary” production cut through August but a weaker-than-expected Chinese economic recovery weighs heavily on market sentiment.
OPEC+ supply cuts starting in May could aggravate an expected oil supply deficit in the second half of 2023 at a period of greater economic uncertainty.
