This article is special for those people who want to know or are interested in the crude oil industry of the world. In this article, you have been told about the recently released IEA Oil Market Report. We have tried to provide you with the data from the most authoritative website. An attempt has been made to explain in very easy language that the new Oil Market Latest Update 2023 was seen in July 2023. Please read this article till the end.
Oil Market Latest Update 2023
First update: Inside this report, it has been told that the Prime Minister of the South Asian country Japan says that he wants to build a multi-layer relationship with the middle-east countries so that the country’s energy requirement is met at the right prices. Can go In this report, an attempt has been made to share with you the most accurate statistics given in the recent All Market Latest Update Report. According to the information, the demand for crude oil in 2023 is going to be the highest in history to date. This will be 2.2 mb / d more than the average oil demand.
In the early months of 2023, the oil supply had increased in the market, but now it is going to decrease again because Saudi Arabia is going to reduce the oil supply by 1 mb/d so that the oil price in the market can increase. As the world’s demand for crude oil is increasing every year, it can be estimated that in 2024 also its demand will increase by 1.5 percent, and by reducing the supply, the countries of the Middle East will try to increase the price of oil. If you are interested in analytical data and want to understand this year’s oil market better, then we have given fresh data in this article.
Oil Market Latest Update 2023 Overview
| Article | Oil Market Latest Update 2023 |
| Sector | Energy Industry |
| Report by | IEA |
| Month | July |
| Year | 2023 |
| website | iea.org |
OPEC+ crude oil production Report [ million barrels per day
| May 2023 Supply | June 2023 Supply | June Prod. vs Target | June 2023 Target | Sustain. Capacity | Eff. Spare Cap vs June | |
| Algeria | 0.97 | 0.94 | -0.07 | 1.01 | 1.0 | 0.06 |
| Angola | 1.11 | 1.12 | -0.34 | 1.46 | 1.11 | -0.01 |
| Congo | 0.28 | 0.27 | -0.04 | 0.31 | 0.27 | 0.0 |
| Equatorial Guinea | 0.06 | 0.07 | -0.05 | 0.12 | 0.06 | -0.01 |
| Gabon | 0.21 | 0.21 | 0.03 | 0.18 | 0.19 | -0.02 |
| Iraq | 4.12 | 4.17 | -0.26 | 4.43 | 4.75 | 0.58 |
| Kuwait | 2.57 | 2.55 | -0.13 | 2.68 | 2.83 | 0.28 |
| Nigeria | 1.18 | 1.24 | -0.5 | 1.74 | 1.33 | 0.09 |
| Saudi Arabia | 9.98 | 9.98 | -0.5 | 10.48 | 12.25 | 2.27 |
| UAE | 3.26 | 3.24 | 0.22 | 3.02 | 4.2 | 0.96 |
| Total OPEC-10 | 23.74 | 23.79 | -1.63 | 25.42 | 28.0 | 4.25 |
| Iran4 | 3.01 | 3.01 | 3.8 | |||
| Libya4 | 1.15 | 1.12 | 1.22 | 0.1 | ||
| Venezuela4 | 0.8 | 0.78 | 0.84 | 0.06 | ||
| Total OPEC | 28.7 | 28.7 | 33.86 | 4.4 | ||
| Azerbaijan | 0.5 | 0.5 | -0.18 | 0.68 | 0.54 | 0.04 |
| Kazakhstan | 1.6 | 1.6 | -0.03 | 1.63 | 1.67 | 0.07 |
| Mexico5 | 1.68 | 1.68 | 1.75 | 1.68 | -0.0 | |
| Oman | 0.81 | 0.8 | -0.04 | 0.84 | 0.85 | 0.05 |
| Russia | 9.45 | 9.45 | -0.49 | 9.95 | 9.98 | |
| Others 6 | 0.85 | 0.87 | -0.18 | 1.06 | 0.82 | 0.0 |
| Total Non-OPEC | 14.89 | 14.92 | -0.92 | 15.91 | 15.54 | 0.16 |
| OPEC+ 19 in cut deal4 | 36.96 | 37.03 | -2.55 | 39.57 | 41.86 | 4.41 |
| Total OPEC+ | 43.59 | 43.62 | 49.4 | 4.56 |
IEA monthly Oil Report release schedule
Every month, many authority organizations for the world’s crude oil industry release a report on their official website, through which it is known what changes can be seen inside the crude oil industry in the past month and the coming month. Is. Often people also estimate the share price of the oil industry through this report. Through this report, the economic condition of big countries and the energy crisis happening there can be easily ascertained. Which country produces how much oil and how much oil it uses, you get to know from the statistics given in this report. The schedule for the release of this report is fixed. The July 2023 report has been released by the IEA. Often it is released on the last date of the month.
Oil price forecast 2023
Everyone is waiting for the release of the oil market’s latest update 2023 for July so that the price of oil can be estimated in advance. Many big companies that manage funds and assets often do oil price forecasts for 2023 from their official website. If you also want to get an idea of the oil industry, then for that you can visit the official website of the International Energy Association, whose direct link we have given in the overview table of this article, from where you will be able to check the July 2023 oil report.
Goldman Sachs oil price forecast 2023
Goldman Sachs also keeps informing about the changes coming inside the stock market and industry around the world on its official website, and due to this, in July 2023, it forecast about the oil industry that this year in China, low oil demand and Due to the sanctions on Russia, the oil price will fall by 10%. You can understand that a $ 96 per barrel oil will cost you $ 84 in 2023. For more information, you should visit their official website and read the report made public by them. And
FAQs on Oil Market Latest Update 2023
What is the full form of IEA?
International Energy Association.
According to Goldman Sachs, how much will the oil price fall in 2023?
10% drop.
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