Oil prices have slumped due to the market being wrongfooted on supply
Crude market wrestles with supply-demand disconnect
Near-term economic concerns and relative supply strength postpone oil’s recovery narrative
The message from major forecasters is clear: global oil demand is set to expand faster than previously expected this year. The IEA now sees oil demand growth of 2.2mn bl/d in 2023, some 200,000bl/d higher than its report in April, taking overall demand to 102mn bl/d, supported by China’s improving mobility. In fact, the IEA has been raising demand growth projections every month since last November. Other top forecasters, such as Goldman Sachs, have also steadily increased their demand forecasts. But the oil market needs much more convincing. “These demand upgrades reflect that strong emerging market and global services demand continue to outpace weaker developed market and manufacturing envi
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Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
