Market Outlook – 1st to 15th December 2023 Pricing Window

Refined Products Review and Outlook Global crude oil prices continue to witness significant declines after the end of Q3. Crude oil prices rose significantly in Q3 to peak at USD94.76/bbl in September. This surge was attributed to a decline in global inflation and signs of economic recovery from China and the US, which resulted in a surge in economic activity. Another reason for the surge in prices was a reduction in production by major OPEC+ nations such as Saudi Arabia...

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Market Outlook – 16th to 31st November 2023 Pricing Window

Refined Products Review and Outlook Crude and petroleum prices on the global market have declined significantly so far in November compared to prices in Q3. The decline has been attributed to a significant rise in the US crude stocks by about 11.9 million barrels in the first week of November and a decline in Chinese oil demand. Despite the sentiments that the Israel–Hamas war in the Gaza Strip might escalate to other parts of the Middle East, crude prices declined...

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Market Outlook – 1st to 15th November 2023 Pricing Window

Refined Products Review and Outlook Global crude prices have remained relatively unchanged despite the concerns that the Israel–Hamas war in the Gaza Strip might escalate to other parts of the Middle East. According to Reuters, some US and Saudi Arabian leaders have been engaging to discuss measures that will ensure the war does not escalate to include major oil-producing countries like Iran, to curtail further humanitarian crises. In the pricing window under review, crude oil prices on the global market...

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Market Outlook – 16th to 31st October 2023 Pricing Window

Refined Products Review and Outlook Crude oil output rose by about 270,000 b/d in September due to higher production from some OPEC+ nations such as Nigeria and Kazakhstan. Despite the continual cut in production by Russia and Saudi Arabia to influence global prices, world crude output rose to about 101.6 million b/d in September 2023. Due to the quantum increase in production by Nigeria and Kazakhstan among other factors, crude oil prices declined by about 2.17% relative to the previous...

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Market Outlook – 1st to 15th October 2023 Pricing Window

Refined Products Review and Outlook The price of crude and refined petroleum products on the global market has risen significantly throughout the third quarter of 2023, largely due to dwindling crude supply by the OPEC+, the resumption of economic activities in China, an increase in air travel, and surging demand for petrochemical feedstock. According to the International Energy Agency (IEA), global demand remains on track to grow by 2.2 million b/d in 2023 to 101.8 million b/d. Due to the...

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Market Outlook – 15th to 30th September 2023 Pricing Window

Refined Products Review and Outlook Global oil demand increased significantly in Q3 due to the post-pandemic economic recovery in China as well as the reduction in crude production by OPEC+ nations. While global oil demand has been projected to reach its highest annual level in 2023 at about 102.2 million b/d, demand in June and August exceeded 103 million b/d. According to the International Energy Agency (IEA), global oil supply plunged by 910,000 b/d to 100.9 million b/d in July....

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Market Outlook – 1st to 15th September 2023 Pricing Window

Refined Products Review and Outlook The global demand for crude and petroleum products continues to hit record highs, boosted by strong summer air travel, increased oil use in power generation, and surging Chinese petrochemical activities. The International Energy Agency (IEA) has projected that the global demand for oil will grow by 2.2 million b/d in 2023. According to the Agency, the growth in global demand in 2023 is expected to be driven largely by the post-pandemic economic recovery in China....

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Market Outlook – August 16 2023 Pricing Window

Refined Products Review and Outlook Crude oil prices have risen significantly since the month of July, to about USD86 per barrel in the last selling window of August 2023. This rise has been largely attributed to supply tightness due to OPEC+ production cuts and renewed optimism about Chinese demand. The OPEC+ nations in April 2023 announced a significant cut in production by about 1.2 million barrels per day. This development led to a surge in crude prices in the month...

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Market Outlook – August 1 2023 Pricing Window

Refined Products Review and Outlook Global crude prices rose significantly in the month of July largely due to supply tightness owing to OPEC+ production cuts and renewed optimism over Chinese demand and global growth. High inflation and interest rates in the US and  Europe and the weak economic indicators from economies like the US, EU, and China resulted in a significant slump in global crude prices in Q2. However, crude oil prices remained stable in June after they fell by...

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Market Outlook – July 16 2023 Pricing Window

Refined Products Price Review and Outlook The international market prices of finished petroleum products in the 27th June to 11th July 2023 pricing window, which are the premiums used in pricing petroleum products from 16th to 31st July 2023, changed marginally compared to the previous selling window. Crude oil prices on the world market within the period rose slightly by about USD1.48/bbl (2.13%) to about USD75.85/bbl majorly attributed to a cut in supply by giant oil-producing countries such as Saudi...

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