The report of monthly developments on the oil conditions in the global markets stated that the US production of shale oil increased during October 2022 by 123 thousand barrels / day compared to the previous month, to reach 9 million barrels per day, and it is expected to increase during the months of November and December 2022 to reach 9.190 million barrels. Daily .
The report indicated that, in another development, the number of operating rigs increased by 11 rigs during the month of October 2022, to reach 683 rigs.
And the report continued, the increase in commercial oil stocks in the countries of the Organization for Economic Cooperation and Development during the month of October 2022 by 4 million barrels compared to the previous month, to reach about 2714 million barrels, while the strategic stock decreased by 36 million barrels compared to the previous month, to reach about 1507 million barrels.
It is noteworthy that the International Energy Agency expected that the lifting of anti-Corona restrictions in China would lead to global oil demand growth this year to a new record level, while supplies may be negatively affected as a result of the price ceiling imposed on Russian oil.
“The two decisive factors for the outlook for the oil market in 2023 are Russia and China,” the Paris-based agency added in its monthly oil report.
“Russian supplies are slowing under the full impact of sanctions (while) nearly half of global demand growth will be led by China, although the shape and pace of reopening there remains uncertain,” she added.