Rystad Energy's Galimberti on Oil Demand and OPEC+

The transcript discusses the challenges faced by OPEC+ in making decisions amidst global uncertainties, including China's lockdowns and the upcoming ban on Russian oil products. It highlights OPEC+'s dual role in stabilizing oil prices and supporting Russia, and the potential impacts of the Russian product ban on the market. The discussion also covers China's influence on oil demand due to its COVID-19 policies and provides predictions for oil prices in 2023, emphasizing the importance of OPEC+'s role in monitoring and intervening in the market.

What are the main concerns for OPEC+ regarding global oil demand?

• Decreased oil consumption in Africa

• Rising oil prices in the Middle East

• Demand uncertainties from China and global growth dynamics

• Increased production in the US

What dual role is OPEC+ trying to fulfill according to the discussion?

• Supporting renewable energy initiatives

• Decreasing oil production and increasing prices

• Stabilizing oil prices and supporting Russia

• Increasing oil production and reducing prices

Why is the upcoming ban on Russian oil products considered a significant issue?

• It will decrease the global oil prices significantly

• It will lead to a surplus of oil products in Europe

• It will make it difficult for Russia to find buyers for its products

• It will increase the demand for Russian crude oil

What challenge does Europe face with the ban on Russian oil products?

• Reducing its oil consumption

• Increasing its own oil production

• Finding alternative sources for diesel supply

• Exporting more oil products

How do China's COVID-19 lockdowns affect its oil demand?

• They have no impact on oil demand

• They cause a slight drop in oil demand

• They result in a complete halt of oil imports

• They lead to a significant increase in oil demand

What is the expected trend for oil prices in the second half of 2023?

• Prices are expected to fluctuate unpredictably

• Prices are expected to decrease significantly

• Prices are expected to remain stable

• Prices are expected to increase

What is the anticipated impact of China's reopening on oil prices?

• It will cause oil prices to drop

• It will drive oil prices much higher

• It will have no impact on oil prices

• It will stabilize oil prices