A substantial drawdown on global oil stocks is forecast for the fourth quarter amid record oil demand, accelerating the rise in oil prices to the $100 per barrel threshold.
Saudi Arabia extends steep “voluntary” production cut through August but a weaker-than-expected Chinese economic recovery weighs heavily on market sentiment.
Despite a “voluntary” production cut announced by Saudi Arabia for July, economic uncertainty overshadowed the June 4 OPEC+ meeting.
OPEC+ supply cuts starting in May could aggravate an expected oil supply deficit in the second half of 2023 at a period of greater economic uncertainty.
Whether oil supply will match an anticipated demand surge hinges on Russia’s response to sanctions and OPEC+ output policy.
Oil market reports highlight uncertainties relating to the speed of the recovery in China and the impact of sanctions on Russian oil exports.
The oil market is showing concerns over weakening oil demand, and new Western sanctions on Russia have introduced an added element of uncertainty in a market already reeling from the repercussions of the Ukraine crisis.
The Arab Gulf States Institute in Washington's eighth annual Petro Diplomacy conference examined the upheaval in the oil and gas markets following Russia’s invasion of Ukraine and the role of Gulf Arab oil producing states in meeting the sudden demand surge.
OPEC’s oil market management could be more nuanced than the blunt instrument of quotas, and should OPEC recast its mission as assisting its members in energy transition and economic diversification, it might attract less opprobrium.
Through its careful examination of the forces shaping the evolution of Gulf societies and the new generation of emerging leaders, AGSIW facilitates a richer understanding of the role the countries in this key geostrategic region can be expected to play in the 21st century.Learn More