Note from Raymond James Energy Sector Team - July 13

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OPEC’s Secretary General forecasted a 23% rise in energy demand through 2045, emphasizing the need to increase oil production; and the EIA released its Short-Term Energy Outlook, which revised its 2023 and 2024 U.S. GDP forecasts upward by 0.2% and 0.3%, respectively, and pointed to a tightening oil environment in 2H23. Oil prices bounced due to these statements and also following the extension of Saudi's production cut last week.