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OPEC Expects Growth in Global Oil Production

1/18/2023 1:28 PM

The price of North American WTI Crude Oil is correcting in an uptrend, being at 81.10.

According to OPEC estimates, the trend for the recovery of quotations of "black gold" can be continued against the background of an increase in production. According to preliminary data, by the end of 2022, production will increase by 1.9M barrels per day by countries outside the cartel, and the forecast for 2023 suggests that the indicator will add another 1.5M barrels per day, reaching 67.2M barrels. It is expected that the USA, Canada and Brazil will remain the leaders in the production of "black gold", while in Norway and Thailand it will decrease slightly.

According to Bloomberg, despite the restrictions, Russian oil supplies by sea last week reached a maximum since April 2022 of 3.8M barrels per day. China, India and Turkey stand out among the main destinations, while Bulgaria remains the only port of shipment to the EU.

Analysts assume that the reports of the American Petroleum Institute (API) and the Energy Information Administration (EIA) of the US Department of Energy on weekly reserves of "black gold" will show a decrease in previous indicators after an increase of 14.865M barrels and 18.962M barrels per day, respectively.

On the daily chart, the price is trading in a narrow sideways range, moving away from the lows of the year at the level of 70.50.

Technical indicators confirm the high probability of continued corrective growth, strengthening the buy signal: fast EMAs on the alligator indicator expand the range of fluctuations, and the histogram of the AO oscillator forms new ascending bars, rising in the buy zone.

Support levels: 78.44, 70.50. | Resistance levels: 83.28, 92.20.

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