“We see large global deficits materializing in the second half of 2023 and crude prices exceeding $100 next year,” he added. Similarly, Kang Wu, head of global demand and Asia Analytics at S&P Global Commodity Insights, estimates that the significant rise of global oil demand in the North...
“We think in the next three years we could see $100 barrels again, and we stand by that. That would be a 2022, 2023 story,” Blanch said. “Part of it is the fact we have OPEC kind of holding all the cards, and the market is not particularly price responsive on the supply side...
“For the first time this year, some of Indian refiners will be undergoing maintenance which was just not the case in January to May 2023 when there were no turnarounds at all. Everyone was firing on all cylinders,” said Katona. India’s monsoon season started in early June, and the ...