The latest OPEC monthly oil report paints a bearish picture of the market. It expects OPEC to supply 28.4mbd in 2009, down 7.5% from 2008 levels. And it forecasts more of the same for 2010, expecting to supply just 28 mbd.
Its analysis suggests that “the market is still fundamentally weak amid ample stocks of crude and products“. And it notes that “US oil consumption is still showing a massive reduction“. However, it says China saw “strong growth” in June “after a devastating contraction in Q1“, and India is seeing “significantly higher growth“.
OPEC notes that recent high levels of oil price volatility “indicates the increasing sensitivity of oil prices to conflicting economic signals“. Its own view is cautious, suggesting that “expectations for a strong recovery (in the US economy) may still be premature“.
- Our work
- REPORTS
- The pH ReportMonthly focus on what is driving the global economy
- NewsletterWeekly spotlight on a key issue impacting the global economy
- New Normal eBookBoom, Gloom and the New Normal: How the Western Babyboomers are Changing Demand Patterns, Again
- White PaperA Roadmap for the Global Energy Sector – IEA May 2021 report synopsis
- White PaperRenewable Carbon for Chemicals and Derived Materials – Nova-Institute April 2021 report synopsis
- REPORTS
- About us