US industry could see second half of 2023 mirror the first

Top oil forecasters and industry signals at odds over market direction

Where will oil demand go in the second half of 2023? It has continued to rise steadily despite repeated predictions of its imminent peak and ultimate demise, but from where will the additional supply be derived? Will US shale again become a swing producer on the global market? And if so, will the member countries of Opec+ be willing to cut their production even further to offset any increase? These are the kinds of questions to which market observers have come to expect answers from the IEA and the US’ EIA. Unfortunately, for anyone looking for considered wisdom on the matter, those two reporting entities—the mandate of which is to compile accurate and useful information and share it with th