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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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.