Insight
Oil’s limited role in the current energy crunch
Report summary
The oil market is not exactly experiencing a supply crunch the same way natural gas is. For oil, fear of a future supply shortage, rather than an actual one, is the driving force behind recent price increases. In this Insight, we examine the sources of concern in the market and present our analysis showing spare capacity and fuel switching. Both indicate less reason for concern than widely anticipated at present. This report is a follow-up on to our assessment of low US crude oil inventories released on 25 October 2021.
Table of contents
- OPEC+: Can it deliver?
- Fuel switching update
Tables and charts
This report includes 4 images and tables including:
- OPEC+ month-on-month production change
- Q4 2021 OPEC spare crude capacity
- OPEC crude oil production and spare capacity available within a month and 9 months, million b/d (see chart)
- Demand revisions by product
What's included
This report contains:
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