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Commodity Context
Global Oil Data Deck (January ‘23)
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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.

Rory Johnston's avatar
Rory Johnston
Jan 24, 2023
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Commodity Context
Global Oil Data Deck (January ‘23)
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This 53-page January 2023 edition of my monthly data-dense and visualization-heavy Global Oil Data Deck series (attached PDF below) is exclusive to paid Commodity Context subscribers. The deck has been updated to include the new agency forecast comparison exhibits published in the latest edition of my Barreling Ahead series—and, as always, this document will continue to evolve alongside my ongoing research.

Become a paid subscriber today to view the full Global Oil Data Deck and join me in my hunt for ever-deeper oil & gas market context.

If you’re already subscribed and/or like the free summary bullets, hitting the LIKE button is one of the best ways to support my research.


Overview

  • 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.

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