DEMAND WEAKNESS COULD BE THE REAL OIL PRICE CAP IN 2023

Paul Hickin, director at S&P Global Commodity Insights explains how changing demand for crude oil could impact the next 12 months. The global oil supply map may be reshaped indefinitely after the fallout from the Russian invasion of Ukraine and subsequent G7 sanctions and price cap on Russian crude. But the potential impact from the downturn in demand may be even bigger, given uncertainty over the consumption picture in China as well as broader economic weakness globally. Volatility is likely to be the only constant in 2023. Oil demand is being simultaneously challenged by Covid-related lockdowns in key consumer China […]