Oil is strongly rebounding after the OPEC report

3:08 PM 12 September 2023

Today, the latest OPEC report was published, which clearly shows an increased deficit and a positive outlook on demand for the next year:

  • OPEC data shows a deficit in the oil market this year at a level of 3 million barrels per day!
  • Demand growth this year remains at a level of 2.4 million barrels per day.
  • Demand growth in 2024 is projected to be at 2.2 million barrels per day
  • Production in Saudi Arabia is below 9 million barrels per day
  • OPEC production in August increased by 113 thousand barrels per day

Brent crude oil is breaking out of consolidation and testing the resistance level of $92 per barrel. Resistance level is around 93-93.5 in the form of the upper limit of the upward trend channel.

Source: xStation 5

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits