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Energy Supply and Demand Issues Face Uncertain Times

Energy Supply and Demand Issues Face Uncertain Times

By Alex Mills Even though many petroleum industry and government officials predict global demand to increase in the coming months, they fully recognize a high degree of uncertainty within the markets on the demand side and the supply side, too. The Covid lockdown in China, one of the largest importers of oil, continues to impact demand as does high inflation, tight monetary policy by central banks, and persistent supply chain constraints in many countries around the globe. The Organization of Petroleum Exporting Countries (OPEC) issued its monthly report this week stating October production by OPEC members averaged 29.49 million barrels per day (b/d), which is 210,000 b/d less than September. OPEC forecast global oil demand will increase 2.55 million b/d (2.6%), which is a 100,000 b/d decrease from last month’s forecast. Russia’s invasion of Ukraine has muddied the waters, also....  
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