Global Oil Data Deck (January ‘23)
Liquids market balance tightened to a narrow surplus in November on the back of strong Asian demand growth and lower OPEC and Brazilian supply.
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After falling more than $20/bbl through November, crude prices have been rising through December and January-to-date, albeit punctuated by a steep early New Year selloff; Brent prices are currently sitting at their highest since mid-November, just shy of $90/bbl.
Global oil market balances tightened to a narrow surplus of 0.5 MMbpd in November, considerably tighter than the nearly 2 MMbpd oversupply witnessed in October (revised wider from last month’s report) on stronger Asian demand and lower production in OPEC and Brazil.