Oil prices rose last week after the International Energy Agency (IEA) predicted China’s oil demand would increase sharply in 2023, following the lifting of COVID restrictions, while Russia’s oil supply would decline under the weight of Western sanctions. 

Crude oil inventories represent the difference between supply and demand, making this piece of information critical to forecasting oil prices.

There is an even greater need in the current environment considering the extreme levels of volatility and uncertainty roiling the oil market.

some forecasters predicting the price of oil could hit $200 a barrel.

On the other hand, there is hope that production increases elsewhere (e.g., US, Saudi Arabia, Venezuela, Iran) could offset Russian declines. Or, perhaps, that won’t even be necessary if Russia can still find international buyers willing to buy its oil.

/blog/faq-what-is-sar">satellite radar imagery.