Macro oils short-term outlook: April 2023
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Report summary
Table of contents
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Global supply: growth slows in 2023 as OPEC+ agree further production cuts
- Non-OPEC supply: strong domestic crude runs in Russia drives upward revision to 2023
- Russia extends 500,000 b/d cut through to the end of 2023
- US Lower 48: Permian production continues to grow strongly in 2023
- Lower 48 oil rig count is steady and frac fleet count has bounced back
- OPEC supply: OPEC+ agrees to additional voluntary cuts of 1.66 million b/d from May
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Global demand: China underpins global growth this year despite a bumpy recovery and weakening external market
- 2023 liquids demand by key markets
- China
- US
- Europe
- Global outlook for 2024
- Risks to the outlook
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