Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% since June, after Russian and Saudi Arabian production cuts and rising demand from China.
Earlier this month, Saudi Arabia extended 1.3m barrels per day (bpd) of combined cuts to the end of the year, accelerating a drawdown in global inventories.
The report was released just a day after Opec announced that the market was facing a deficit of more than 3m bpd in the upcoming quarter, potentially resulting in the most substantial supply shortage in more than a decade.
Saudia Arabia and its partners in Opec are also concerned that the IEA has predicted that demand for oil will peak before 2030, which some analysts believe could be brought forward to 2026 by the rapid switch to renewables already under way.
The rising cost of fuel and demand from the Chinese economy, which ranks as the world’s biggest oil importer, are expected to cloud the outlook for central banks and their mission to bring down inflation rates that are still well above the 2% target level.
US central bank interest rates were widely expected to have hit a peak after a drop last month in core inflation, which strips out volatile elements such as fuel and food.
The original article contains 630 words, the summary contains 220 words. Saved 65%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% since June, after Russian and Saudi Arabian production cuts and rising demand from China.
Earlier this month, Saudi Arabia extended 1.3m barrels per day (bpd) of combined cuts to the end of the year, accelerating a drawdown in global inventories.
The report was released just a day after Opec announced that the market was facing a deficit of more than 3m bpd in the upcoming quarter, potentially resulting in the most substantial supply shortage in more than a decade.
Saudia Arabia and its partners in Opec are also concerned that the IEA has predicted that demand for oil will peak before 2030, which some analysts believe could be brought forward to 2026 by the rapid switch to renewables already under way.
The rising cost of fuel and demand from the Chinese economy, which ranks as the world’s biggest oil importer, are expected to cloud the outlook for central banks and their mission to bring down inflation rates that are still well above the 2% target level.
US central bank interest rates were widely expected to have hit a peak after a drop last month in core inflation, which strips out volatile elements such as fuel and food.
The original article contains 630 words, the summary contains 220 words. Saved 65%. I’m a bot and I’m open source!