• Home
  • OPEC predicts “modest” oil surplus amidst demand lull for Q2 2023
According to OPEC, global oil markets appear on track for a modest surplus next quarter amid a seasonal lull in demand. OPEC is pumping about 28.92 MMbpd, or about 300,000 barrels a day, more than it expects will be needed in the second quarter. The surplus could be even larger if Russian oil production continues to prove resilient to international sanctions, since OPEC’s outlook assumes a sharp drop in the country’s output next quarter.

OPEC predicts “modest” oil surplus amidst demand lull for Q2 2023

According to OPEC, global oil markets appear on track for a modest surplus next quarter amid a seasonal lull in demand. OPEC is pumping about 28.92 MMbpd, or about 300,000 barrels a day, more than it expects will be needed in the second quarter. The surplus could be even larger if Russian oil production continues to prove resilient to international sanctions, since OPEC’s outlook assumes a sharp drop in the country’s output next quarter.

Issue:
Country:
Subscribe to Receive Latest Updates from GIF.