Data new oil economist

Here are some key data points and insights from the Oil Economist, a leading publication in the energy industry:

Global Oil Market

• Crude oil prices: Brent crude oil prices have been range-bound between $60-70 per barrel in recent months, with some fluctuations due to global economic and geopolitical factors.
• Global oil demand: Global oil demand is expected to grow by 1.2 million barrels per day (mb/d) in 2023, driven by increasing demand from emerging markets and a recovery in the global economy.
• Oil supply: Global oil supply is expected to increase by 1.5 mb/d in 2023, driven by growth in non-OPEC supply and a slight increase in OPEC production.

OPEC

• OPEC production: OPEC production has been relatively stable in recent months, averaging around 29.5 mb/d.
• OPEC spare capacity: OPEC spare capacity is estimated to be around 2.5 mb/d, which is relatively low compared to historical levels.
• OPEC+ cooperation: OPEC+ (OPEC and non-OPEC producers) has been cooperating to manage the global oil market, with regular meetings to discuss production levels and market conditions.

US Shale

• US shale production: US shale production has been growing steadily, with the Permian Basin being the largest contributor.
• US shale rig count: The US shale rig count has been increasing, with a recent peak of over 1,000 rigs.
• US shale production costs: US shale production costs have been declining, making it more economical for producers to operate.

Global Energy Transition

• Renewable energy growth: Renewable energy growth has been accelerating, with solar and wind power becoming increasingly competitive with fossil fuels.
• Electric vehicle adoption: Electric vehicle adoption is growing rapidly, with many countries setting targets for electric vehicle adoption.
• Energy storage: Energy storage is becoming increasingly important as the energy system transitions to more intermittent renewable energy sources.

Geopolitical Risks

• Middle East tensions: Tensions in the Middle East remain high, with conflicts in Yemen and Syria, and concerns over Iran's nuclear program.
• US-China trade tensions: US-China trade tensions have been affecting global energy markets, with concerns over the impact on oil demand and supply.
• Russian sanctions: Sanctions on Russia have been affecting its oil exports, with some countries imposing restrictions on Russian oil imports.

These are just a few of the key data points and insights from the Oil Economist. If you're looking for more information, I'd be happy to provide it!