Macro Oils long-term outlook H1 2020
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Report summary
Table of contents
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Supply outlook summary
- Non-OPEC supply: deferred near term production results in substantial downgrades
- North America: remains the key growth area for non-OPEC supply, but suffers largest downward revisions
- US Lower 48: price crash consolidates growth in Permian
- Capital discipline: growth at higher prices?
- Permian operators are best positioned for growth
- Canada: steady growth driven by the oil sands and rising output of condensate/NGL
- Russia and Caspian: near-term downgrades due to OPEC+ deal; long-term potential upgraded
- Non-OPEC growth areas: Brazil, Norway and Guyana key outside of North America
- 4 more item(s)...
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Global demand: Global liquids demand finds a plateau by the late 2030s amid the energy transition
- Assumptions
- Fuel demand from light vehicles
- Oil demand in the fight against air pollution
- Petrochemicals
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