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Global Energy

08 August 2023 / Article

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The global price of oil has softened thus far in 2023 despite what appear to be relatively tight demand and supply fundamentals. Fears of a deeper economic slowdown and a long fight against inflation continue to put downward pressure on prices, though OPEC+ supply cuts have helped keep them from falling further.

Insights for What's Ahead

  • Oil prices were down 23 percent during the first half of 2023, helping reduce inflationary pressures for consumers globally, but conditions are expected to tighten somewhat in the second half.
  • Oil demand growth has been easing in 2023 but remains above trend as it continues to benefit from the post-COVID recovery.
  • The ability for OPEC+ to support oil prices is reaching its limits, though under current demand and supply conditions its actions should continue to provide support

The global price of oil has softened thus far in 2023 despite what appear to be relatively tight demand and supply fundamentals. Fears of a deeper economic slowdown and a long fight against inflation continue to put downward pressure on prices, though OPEC+ supply cuts have helped keep them from falling further.

Insights for What's Ahead

  • Oil prices were down 23 percent during the first half of 2023, helping reduce inflationary pressures for consumers globally, but conditions are expected to tighten somewhat in the second half.
  • Oil demand growth has been easing in 2023 but remains above trend as it continues to benefit from the post-COVID recovery.
  • The ability for OPEC+ to support oil prices is reaching its limits, though under current demand and supply conditions its actions should continue to provide support

Author

Nemr Kanafani

Nemr Kanafani Nemr Kanafani

Former Senior Economist
The Conference Board

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