Commodity Market Report

Macro oils short-term outlook: April 2023

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Brent prices fell into the low $70s/bbl during March, as fears of recession accelerated during the US-based banking crisis. On 2 April, OPEC+ announced another production cut. That news triggered a recovery in prices back to where they were in early March. In this report, we show how the impact of the announced OPEC+ cut means a smaller reduction than 1.66 million b/d and assess the implication for our short-term price forecasts. Highlights this month include: • Details on the OPEC+ new production target and what it means • Russia’s strong first quarter 2023 performance and what it means for the rest of the year • China still on track to show nearly 1 million b/d demand growth this year • What caused a significant downward revision to Q1 2023 US demand

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    Macro Oils Short Term Outlook April 2023 Slidepack.pdf

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    Macro Oils Short Term Outlook April 2023 Data.xlsx

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    Macro Oils Short Term Outlook April 2023 Slide Charts.xls

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    Macro oils short-term outlook: April 2023

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