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...

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....

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....

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...

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...

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...

Refined Products Price Review and Outlook Global crude oil and refinery product prices continue to tumble due to uncertainties regarding the global economic outlook and unprecedented high inflation rates in the US and Europe. Although global crude prices rose slightly in April due to the surprise announcement by some OPEC+ nations to voluntarily cut production in May through to the end of 2023, crude prices have fallen considerably since then to about $72.46 per barrel. Crude prices rose to about...