Market Outlook – 1st to 15th April 2024 Pricing Window

Crude Oil and Refined Products Market Review and Outlook  Notwithstanding the recent surge in global crude prices, the average crude price fell by about 7% in Q1 2024 compared to Q4 2023. Recent data has shown an upsurge in the price of crude oil reaching as high as USD85.44/bbl since November 2023.  Compared to the same period last year, crude oil prices have risen by about 14%. This surge is attributed to higher-than-expected economic growth, reduced interest rates in Europe...

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Market Outlook – 1st to 15th March 2024 Pricing Window

Crude Oil and Refined Products Market Review and Outlook Global demand for crude and petroleum products have continued to surge since January 2024 in tandem with the World Bank’s projections of about 3.1% global economic growth this year. According to the World Bank, the global economy in 2024 is expected to outpace growth in 2023 by about 0.4% due to greater-than-expected resilience in the United States and a strong fiscal stimulus in China.  Macro-economic indicators have shown that inflation and interest...

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Market Outlook – 16th to 29th February 2024 Pricing Window

Crude Oil and Refined Products Market Review and Outlook The downward trajectory of global demand for crude oil and petroleum products reversed since the beginning of 2024 due to the positive signs of global economic recovery. Global economic indices have reversed in a positive trajectory in 2024 after worsening in 2023 due to the impact of the COVID-19 pandemic outbreak as well as the war between Russia and Ukraine. The impact of these events resulted in interest rates surging to...

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Market Outlook – 1st to 15th February 2024 Pricing Window

Crude Oil and Refined Products Market Review and Outlook Global demand for crude oil and petroleum products has surged due to growth in the US and Chinese economies in Q4 2023. The Chinese government provided economic stimulus in the last quarter of 2023, which resulted in growth in the economy. Moreover, the drop in inflation in the US and ongoing geopolitical tensions in the Middle East continue to wedge prices higher. Global macroeconomic indicators show that economic growth fell below...

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Market Outlook – 15th to 31st January2024 Pricing Window

Crude Oil and Refined Products Market Review and Outlook Crude oil prices declined by about 3 percent from January to December 2023. The decline is attributed to weak global demand and a slower post-COVID-19 economic recovery. Global macroeconomic indicators show that economic growth fell below expectations in 2023 due to a weak post-COVID-19 recovery and higher inflation and interest rates in Europe and the US. Although the OPEC+ nations embarked on a series of production cuts to influence prices, this...

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

Refined Products Review and Outlook Global prices of crude oil have continued to follow a downward trajectory since the beginning of Q4 2023. Crude oil prices declined significantly in the first week of December to levels recorded in July, when high global inflation resulted in a significant decline in global demand for crude. Demand for crude and petroleum products surged in Q3 mainly due to the decline in global inflation and the positive signs of economic recovery from China and...

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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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