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Special Market Report

Global Energy Market Outlook 2023

Over the past year, oil and gas prices around the globe have faced extreme volatility driven by inflation, recession risks, the continued development of Russia’s invasion of Ukraine, and the resulting influence on energy security policies across the globe. The market remains tight amidst robust consumer activity despite high-interest rates, OPEC+ struggling to meet production quotas, and improving conditions in China. Natural gas markets have cooled off following a volatile year with rampant LNG activity to compensate for lost Russian gas. This report examines the key drivers of crude and natural gas markets, inflation, Russian sanctions, and how these factors shape our global price forecast.

Report Highlights

  • Updates on the global crude balance of supply
  • Crude demand in light of inflation and high interest rates
  • Crude supply dynamics from the U.S., OPEC+, and compliance in relation to 2022 capital guidance ranges
  • Adjustments in energy security policies and the fallout of Russia’s invasion of Ukraine
  • The price cap imposed on Russian crude and evolution of sanctioned barrels in the market
  • Drawdowns on the Strategic Petroleum Reserves (SPR)
  • Updated Brent, WTI, and Canadian crude price forecasts to 2025
  • European gas markets and pipeline flows in relation to storage capacity
  • LNG and floating regasification unit development in conjuncture with European power prices
  • U.S. gas production and natural gas as a reliable grid baseload
  • Western Canadian natural gas and pipeline capacity
  • Updated Henry Hub, AECO, NBP, and TTF price forecasts to 2025

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