Spare capacity will be uncomfortably low by H2 if production hikes persist Iran nuclear deal, Russia-West relations, Libya political chaos key risks 70 incidents observed since 2017, according to Platts Oil Security Sentinel The oil market faces a precarious situation in 2022 amid renewed supply disruptions, intensifying geopolitical risks, dwindling OPEC+ spare capacity, and a rise in security incidents targeting oil infrastructure, analysts said Jan. 19.
Oil markets have resumed their bullish trend and prices have hit multi-year highs, defying expectations that supply would outpace demand in the first quarter and prompting analysts to raise their forecasts. On Jan. 19, ICE March Brent rose to a seven-year peak of $89.05/b after oil flows along the Kirkuk-Ceyhan pipeline were shut-in due to an explosion on the line near Turkey’s southeastern city of Kahramanmaras. “Multiple production threats are […]