{"id":1465,"date":"2023-08-10T13:16:09","date_gmt":"2023-08-10T13:16:09","guid":{"rendered":"http:\/\/emcahoilandgas.com\/?p=1465"},"modified":"2023-08-10T13:16:10","modified_gmt":"2023-08-10T13:16:10","slug":"snapshot-of-global-oil-supply-and-demand-june-2023","status":"publish","type":"post","link":"https:\/\/emcahoilandgas.com\/?p=1465","title":{"rendered":"Snapshot of global oil supply and demand: June 2023"},"content":{"rendered":"\n<p><img loading=\"lazy\" width=\"300\" height=\"168\" class=\"wp-image-1278\" style=\"width: 700px;\" src=\"https:\/\/emcahoilandgas.com\/wp-content\/uploads\/2022\/02\/images-7-1-2.jpg\" alt=\"\"><\/p>\n\n\n\n<p><em><time datetime=\"2023-07-19T00:00:00Z\">July 19, 2023<\/time><\/em>Brent crude oil prices decreased by USD0.6\/bbl m-o-m to USD74.8\/bbl in June despite demand outstripping supply by 0.7 MMb\/d. US and Europe economic recovery weakened in June as manufacturing activity contracted. Changes in June compared to the prior month include:<\/p>\n\n\n\n<ul><li><strong>Global oil demand.<\/strong>\u00a0Global liquids demand increased by 1.6 MMb\/d in June to 102 MMb\/d. Strong gains in Europe (+0.6 MMb\/d) and the Middle East (+0.5 MMb\/d) accounted for the majority of the demand growth<\/li><li><strong>OPEC 10 production (excl. Iran, Venezuela, Libya).<\/strong>\u00a0OPEC 10 production increased by 0.2 MMb\/d m-o-m to 29.0 MMb\/d in June. Saudi Arabia\u2019s production during the month increased by 0.15 MMb\/d to 10.1 MMb\/d, after declining by 0.7 MMb\/d the previous month<\/li><li><strong>Non-OPEC production (excl. US shale).<\/strong>\u00a0Non-OPEC production increased by 0.4 MMb\/d in June to 58.3 MMb\/d driven by supply increases primarily in Brazil (~0.2 MMb\/d) and Canada (~0.1 MMb\/d). Russian production remained steady at 10.5 MMb\/d in June<\/li><li><strong>US shale oil production.<\/strong>\u00a0US shale oil production remained stable at 9.4 MMb\/d in June. The number of active rigs has continued to decline m-o-m to 616 during June (down by 83 since the start of 2023)<\/li><li><strong>Iran, Venezuela, Libya production.<\/strong>\u00a0Combined production levels in Iran, Venezuela, and Libya remained stable at 4.7 MMb\/d in June<\/li><li><strong>Commercial inventories.<\/strong>\u00a0Global commercial inventories declined by 19 million barrels in June to 4.56 billion barrels, the first withdrawal since February 2023. Most of the decline came from non-OECD inventories<\/li><li><strong>Market sentiment.<\/strong>\u00a0On the supply side, Saudi Arabia announced additional voluntary cuts of 1 MMb\/d in July and August, Russia announced 500Kb\/d voluntary output cuts on top of the 500Kb\/d pledged in March. Overall, economic sentiment remains uncertain, and demand concerns remain due to weaker economic data from US and Europe<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>July 19, 2023Brent crude oil prices decreased by USD0.6\/bbl m-o-m to USD74.8\/bbl in June despite demand outstripping supply by 0.7 MMb\/d. US and Europe economic recovery weakened in June as manufacturing activity contracted. Changes in June compared to the prior month include: Global oil demand.\u00a0Global liquids demand increased by 1.6 MMb\/d in June to 102 &#8230; <a title=\"Snapshot of global oil supply and demand: June 2023\" class=\"read-more\" href=\"https:\/\/emcahoilandgas.com\/?p=1465\" aria-label=\"More on Snapshot of global oil supply and demand: June 2023\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=\/wp\/v2\/posts\/1465"}],"collection":[{"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1465"}],"version-history":[{"count":1,"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=\/wp\/v2\/posts\/1465\/revisions"}],"predecessor-version":[{"id":1466,"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=\/wp\/v2\/posts\/1465\/revisions\/1466"}],"wp:attachment":[{"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emcahoilandgas.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}