Oil Boom 2023: No Reason For Big Adjustments Amid Strong Demand, Price Environment

Oil Boom 2023: No Reason For Big Adjustments Amid Strong Demand, Price Environment

Share to Linkedin Indian Prime Minister Narendra Modi, center, greets the delegates at the 'India Energy Week 2023' in ... [+] Bengaluru, India, Monday, Feb. 6, 2023. Over 500 energy industry heavyweights are expected to discuss the future of renewables and fossil fuels at this first big ticket event of the country's presidency of the Group of 20 leading economies. (AP Photo/Aijaz Rahi) Ongoing demand growth for crude oil is largely concentrated now among the world's developing nations amid energy transition policy focus by governments of the western world. But that's enough to maintain robust demand and price environments globally, especially when China and India, the world's second and third-largest economies, continue to be included on the roster of developing nations. India has become one of the major buyers of Russian crude as Europe and the U. S. have ratcheted-up ever-stronger sanctions on the aggressor nation in retaliation for its ongoing war on Ukraine. But there will be somewhat less of such crude on the market as of March, after the Putin government said it would cut overall output by 5%, or about 500, 000 barrels of oil per day (bopd). The Russian announcement came days after a technical committee