Sunday, October 31, 2021

Global Crude Oil Supply And Demand -- October 31, 2021

Link here.

In the graphic below:

  • the double bars are quarterly; most recent is 3Q21;
  • the bars are "supply" --
    • the darker grey/blue bars: EIA estimate
    • the lighter blue bars: OPEC estimate
  • the lines are demand --
    • the red line is demand, EIA estimate
    • the blue line is demand, OPEC estimate
  • comments:
    • prior to CY19: supply/demand pretty much balanced
    • huge production overhang when demand plummeted first quarter - second quarter, 2020
    • for the past five quarters, demand has exceeded supply and the gap is fairly consistent
  • a reminder: the price of the last bbl of oil determines the price of oil

Investopedia: note the date of this article and the authors' comment about OPEC's price target.

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