A week ago the US Energy Information Administration cut its crude oil demand forecast for 2023 by 320,000 bpd, with supply also falling by 300,000. This week OPEC too revised cut its oil demand forecast for next year by 100,000 barrels per day, citing economic challenges in the global oil scene. It also warned that supplies could become more problematic.

The main factor behind the demand outlook seems to be the situation with Covid in China. Updates on this situation have pushed up oil prices…



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