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Systematix Research Report
In June 2023, brent price traded in a very narrow range of $72-77/barrel of oil while averaged at $75/bbl versus $75.7/bbl in May 2023. Though growth was expected to remain sluggish due to higher inflation and interest rates, Energy Information Administration predicts global oil demand to grow 1.7% month-on-month to 102.1 million barrels per day in June 2023.
Further, Organisation of the Petroleum Exporting Countries plus had decided to cumulatively cut the production by 3.7 mbpd from October 2022, the actual cut from OPEC was just 1.2 mbpd.
Further, recently Saudi Arabia decided to cut it's production further by 1mbpd in July 2023 which was flattish month-on-month at 10 mbpd.
Overall, OPEC's production was flattish month-on-month to 28.6 mbpd from 28.5 mbpd in May-23.
Declining U.S. and global rig counts along with the expected rise in demand (EIA) amid lower supply from OPEC+ may lead to higher prices in the medium term.
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