- Global oil demand set to rise by 2 mil bpd in 2023 to a record 101.9 mil bpd
- Extra cuts by OPEC+ would push world oil supply down by 400k bpd by year-end
- That risks aggravating expected oil supply deficit in 2H 2023
- High prices will hurt consumers, threaten economic growth
Well, the jump higher in oil prices is at least contained for now near the $83 mark. However, if the supply deficit story grows more evident in the months ahead, that could be a trigger for oil to break out to the high side again.
