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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