First Quarter of 2023 in Asia Pacific Crude Oil Prices
North America
In North America, crude oil
demand remained low throughout the quarter due to the underwhelming outlook on
economic activities, despite no significant disturbances in the supply chain.
According to the data, WTI Crude Oil
Prices declined from USD 79/barrel to USD 74/barrel within the first
quarter of 2023. World oil supply improved by 830,000 barrels per day in
February, primarily driven by improved demand from the US and Canada after
winter storms and other disturbances. However, prices kept their downtrend as
Asian players opted for Russian crude, which was available at cheaper rates.
Asia
During Q1 2023, Asian players
started opting for Russian crude oil to gain profits, as it was available at
cheaper rates. China's slow recovery remained a matter of concern for the
global crude oil market, as it was lower than expected and did not allow the prices
of crude oil to rise globally. Additionally, major Asian countries like
India started importing crude oil from Russia, even after the ban and sanctions
imposed by the West and the USA. Moreover, the global crude oil inventory level
surged due to unexpectedly dull demand in the international market amidst the
rise in inventory levels.
Europe
The global economic slowdown kept
the European market at its low for the entire quarter as a repercussion of the
Russia-Ukraine war. According to the data, the European market kept on
suffering from high inflation and slow economic activities in the region.
Despite the multiple sanctions and bans on Russia, including the price cap on
Russian crude and natural gas, Russia managed to sail its cargo to the Asian
market. Furthermore, the UK remained the most affected country by inflation and
slow economic activities. However, some experts believe that Europe may not go
into recession this year.
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