The lack of supply may not be able to make up, and U.S. oil surged 7% to its biggest gain in nearly three weeks

On Tuesday (April 12), Brent oil futures rose $6.
16, or 6.
3%, to settle at $100.
60 per barrel
.
According to OPEC's latest monthly report, supply forecasts from outside OPEC were cut by 330,000 b/d, and Russia's production is now 530,000 b/d below previous estimates; And OPEC production increased by only 57,000 b/d to 28.
56 million b/d in March, below the 253,000 b/d increase allowed by the OPEC+ deal, and tight supply pushed oil prices higher
.

Earlier data released by the American Petroleum Institute (API) showed that gasoline inventories fell by 5.
053 million barrels, refined oil inventories fell by 4.
961 million barrels, crude oil inventories increased by 7.
757 million barrels, and Cushing crude increased by 375,000 barrels
in the week ended April 8.
After the data was released, oil prices reacted flatly
.

Russian oil and gas condensate production fell below 10 million b/d on Monday, the lowest level
since July 2020, as sanctions and logistical restrictions hampered trade, two sources familiar with the data said.
Edward Moya, senior market analyst at OANDA, wrote: "If Russian energy is sanctioned, the oil market is still likely to be significantly impacted, and this risk remains
.
"

OPEC said in its monthly report that global oil demand will increase by 3.
67 million b/d in 2022, down 480,000 b/d
from its previous forecast.
Strong increases in commodity prices, combined with emerging supply chain bottlenecks and pandemic-related logistics jams, are fueling global inflation
.
Even so, global oil consumption is expected to cross the 100 million b/d mark
in the third quarter.
According to OPEC, the last time the world consumed more than 100 million barrels of oil per day was in 2019
.

OPEC also reported that OPEC production increased by only 57,000 b/d to 28.
56 million b/d in March, below the 253,000 b/d
increase allowed by the OPEC+ deal.
Non-OPEC oil supply growth forecasts for 2022 were cut by 300,000 b/d to 2.
7 million b/d
.
OPEC cut its Russian oil production forecast by 530,000 b/d, but raised its U.
S.
shale oil production forecast
.
OPEC expects U.
S.
shale supply to increase by 880,000 b/d in 2022, up from 670,000 b/d forecast last month, and says there is potential
for further expansion, while most U.
S.
oil companies remain focused on capital constraints.

According to the EIA's short-term energy outlook, U.
S.
crude oil production is expected to increase by 820,000 b/d to 12.
01 million b/d in 2022, compared with the previous expectation of 12.
03 million b/d
.
U.
S.
crude oil consumption in 2022 was 20.
58 million b/d, compared with the previous expectation of 20.
65 million b/d
.
Global crude oil demand growth is expected to be 2.
42 million b/d in 2022, compared to 3.
13 million b/d
previously.
WTI crude and Brent crude prices are expected to be $97.
96/b and $103.
37/b in 2022, respectively, compared with previous expectations of $101.
17/b and $105.
22/b
, respectively.