Energies Media
  • Magazine
    • Digital Magazine
    • Digital Magazine Archive
  • Features
  • Upstream
  • Midstream
  • Downstream
  • Renewable
    • Solar
    • Wind
    • Hydrogen
    • Nuclear
  • People
  • Events
  • Advertise
  • Contact
No Result
View All Result
Energies Media
No Result
View All Result

Energy Supply and Demand Issues Face Uncertain Times

by Alex Mills
November 17, 2022
in Alex Mills, Contributors, Oil and Gas News
Energy Supply and Demand Issues Face Uncertain Times

OPEC logo on the smartphone screen. The Organization of the Petroleum Exporting Countries.

National Energy Talk

National Energy Talk Episode 41: Sarah Cove: Talent & Team Development in the Corporate Energy Sector

August 19, 2025
National Energy Talk

National Energy Talk Episode 40: David A. Guest Talks About Oklahoma Energy Legislative Actions, International & National Energy and Upcoming Events

July 10, 2025

Even though many petroleum industry and government officials predict global demand to increase in the coming months, they fully recognize a high degree of uncertainty within the markets on the demand side and the supply side, too.

The Covid lockdown in China, one of the largest importers of oil, continues to impact demand as does high inflation, tight monetary policy by central banks, and persistent supply chain constraints in many countries around the globe.

The Organization of Petroleum Exporting Countries (OPEC) issued its monthly report this week stating October production by OPEC members averaged 29.49 million barrels per day (b/d), which is 210,000 b/d less than in September. OPEC forecasted global oil demand will increase 2.55 million b/d (2.6 percent), which is a 100,000 b/d decrease from last month’s forecast.

InventU

Russia’s invasion of Ukraine has muddied the waters, also.

Michael Kern with OilPrice.com said Russia’s oil production is set to drop by as much as 1.5 million b/d when sanctions are imposed on Dec. 5. Russia’s October production was 1.1 million bpd below its quota of 11 million bpd assigned under the OPEC+ agreement. Even though Russia is not an official member of OPEC, Russia has been cooperating with OPEC with production quotas since the beginning of the pandemic.

Kern reported the Energy Development Center expects production in December will fall by 1.5-1.7 mlllion b/d compared to the June-October average, or 14 percent.

The actual decline could be as high as 3 million b/d once the full sanctions are implemented, which will tighten supplies and put more upward pressure on oil prices.

Russia’s revenues from oil sales are expected to increase with the rising oil prices. President Biden and Treasury Secretary Janet Yellen decided a ceiling on the price of Russian oil is needed. They have encouraged other countries to support the idea. So far, the countries have not agreed on the amount of the price cap and the intricacies of how the price cap will work.

The sanctions by the European Union also are an attempt to reduce revenues to Russia by restricting oil trading between EU countries and Russia. However, refineries outside the EU will be able to buy Russian oil, refine the crude oil, and then sell the finished product to any third party including consumers in the EU.

Sounds complicated because it is. The effectiveness of the sanctions and the oil-price cap will be put to the test soon.

Alex Mills is the former President of the Texas Alliance of Energy Producers.

Author Profile
Alex Mills
Contributor

Alex Mills is the former President of the Texas Alliance of Energy Producers. The Alliance is the largest state oil and gas associations in the nation with more than 3,000 members in 305 cities and 28 states.

 

Author Articles
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    I voted #USelections2020
    November 21, 2024
    Trump’s Nominees Bring Experience to Energy Issues
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    Energy Prices Will Be About the Same This Winter
    October 16, 2024
    Energy Prices Will Be About the Same This Winter
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    Fed building facade against stairs in city
    September 26, 2024
    Oil Industry Activity Down as Uncertainty Increases
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    White and Blue Line Paper
    September 19, 2024
    EIA Expects Oil and Natural Gas Prices to Rise
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    gas tanker, ship, nature
    September 12, 2024
    Natural Gas Sets Records for Production, Consumption, Exports
  • Alex Mills
    https://energiesmedia.com/author/alex-mills/
    Federal Price Controls Didn’t Work Very Well 50 Years Ago
    August 20, 2024
    Federal Price Controls Didn’t Work Very Well 50 Years Ago
Expo

In This Issue

Energies Media Summer 2025

ENERGIES Media (Summer 2025)


NeverNude Coveralls: A Practical Solution for Everyday Dignity


How to Deploy Next-Gen Energy Savers Without Disrupting Operations


Moving Energy Across Space and Time


Maximizing Clean Energy Tax Credits Under the Inflation Reduction Act


U.S. Oil Refineries Face Critical Capacity Test Amid Rising Demand


Energies Media Interactive Crossword Puzzle – Summer 2025


ENERGIES Cartoon (Summer 2025)


Letter from the Managing Editor (Summer 2025)


Dewey Follett Bartlett, Jr.: Tulsa’s Champion of Independents


Why Energy Companies Need a CX Revolution


Bringing Safety Forward in Offshore Operations


Meeting Emergency Preparedness and Response Criteria


The Hidden Value in Waste Oil: A Sustainable Solution for the Future

InventU
TAMU
  • Terms
  • Privacy

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • 3 Ways Technology is Going to Shape the Oil and Gas Industry
  • About Us
  • Advanced Technologies in Renewable Energy
  • Advertise
  • Cartoons
  • Case Studies in the Digital Transformation of Renewable Energy
  • Contact
  • Contributors
  • Digital Transformation Framework for Oil and Gas Operations
  • Digitalization and Smart Technologies in Oil and Gas
  • Digitalization and Smart Technologies in Renewable Energy Operations
  • Energies Digital Magazine
  • Energies Media
  • Energies Media Digital Magazine
  • Energies Media Magazine
  • Energies Media Magazine Archive
  • Energy Industry Events
  • Energy Markets Dashboard
  • Future Trends in Renewable Energy Technology
  • How Real-life Data Guides the Agility of Oil and Gas Companies
  • Navigating Careers in Oil and Gas
  • Navigating Careers in Renewable Energy
  • Newsletter
  • Oil & Gas Prices
  • Oilman Digital Magazine
  • Oilwoman Digital Magazine
  • Organizer Dashboard
    • Event Organizers
    • Submit Organizer Form
  • Press Releases
  • Prices & Marketcap
  • Privacy Policy
  • Puzzles
  • Quizes
  • Subscribe
  • Subscription Account
    • Access Restricted
    • Log In
    • Subscription Billing
    • Subscription Cancel
    • Subscription Checkout
    • Subscription Confirmation
    • Subscription Invoice
    • Subscription Levels
    • Your Profile
  • Team
  • Terms of Service
  • US Energy Media Kit
  • Venue Dashboard
    • Event Venues
    • Submit Venue Form
  • Webinars
  • Your Complete Guide to Essential Oil & Gas Industry Software

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.