The push and pull of oil demand and supply - CanadianInvestor CanadiansInvest
There are indications that both producer and consumer nations are targeting an oil price of around $90 a barrel
On the other hand, major consuming nations have their own priorities and objectives. They want to control the market behaviour – as much as possible. They do not want the crude market prices to go beyond a certain level. Reuters reported last week that Chinese oil demand could decrease for the first time in two decades this year. Terming it a “watershed moment,” Sun Jianan of Energy Aspects told the press that China’s gasoline, diesel and jet fuel demand could fall by 380,000 barrels per day to 8.09 million bpd in 2022. This would be the first contraction since 2002, the reports underlined.
The latest Goods Trade Barometer from the World Trade Organization showed that global trade growth stagnated at the end of August. The indicator “was steady but below the recent trend line for merchandise trade, suggesting that global goods trade continued to grow in the second quarter of 2022 but that the pace of growth was slower than in Q1 and is likely to remain weak in the second half of the year,” according to Oilprice.com’s Tsvetana Paraskova.
Leaving Russia, which pumped 9.77 million bpd in August, aside, the other members were able to increase output by just 440,000 bpd since February, while at the same time, their output quotas rose by 2.96 million bpd, a recent Platts survey indicated.
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