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.