Oil prices rose amid optimism over China’s demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. | Reuters
While last week’s announcement that the U.S. will sell 26 million barrels of crude oil from its Strategic Petroleum Reserves adds some downward pressure to the market, global supply looks to be “flat to down” versus the previous corresponding period after factoring in production cuts by Russia and OPEC+, added Moore.
Russia plans to cut oil production by 500,000 bpd, or around 5 percent of output, in March after the West imposed price caps on Russian oil and oil products. Analysts expect China’s oil imports to hit an all-time high in 2023 due to increased demand for transportation fuel and as new refineries come onstream.
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