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Recent decline in global oil demand tightens supply-demand gap, Anas Alhajji notes
Anas Alhajji, managing partner, energy economist, market analyst at Energy Outlook Advisors LLC, highlights that global oil demand has dropped significantly in recent periods.
He explains that this has resulted in a very small gap between supply and demand, leading to lower oil prices and limiting price increases, even after recent attacks were exchanged between Iran and Israel.
Alhajji recently noted that a sharp U.S. crude inventory draw lifted prices, though surprise gasoline and distillate builds raised demand concerns in previous commentary. He also pointed to Russian LNG exports hitting record highs, along with a surge in Venezuelan crude oil shipments to levels last seen in early 2019, according to earlier analysis. These observations set the stage for current developments in global oil markets.
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