Global Oil Data Deck (November ‘22)
Global Oil Data Deck (November ‘22)
Back to global supply deficit? Flat supply runs up against apparently robust but incredibly volatile and uncertain Chinese demand.
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Overview
Brent crude nearly breached the $100/bbl threshold, once again, in early November, but was ultimately beaten back over the past week to back to roughly $83/bbl at the time of writing.
Global oil supply-demand balances flipped into a deficit of 0.3 MMbpd in September—the first such deficit since June—on the back of essentially flat monthly supply (-0.1 MMbpd m/m) and a global demand gain of 1.0 MMbpd m/m driven entirely by a sharp rebound in apparent Chinese demand.