Macro Oils short-term outlook: August 2021
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Report summary
Table of contents
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Global supply: OPEC+ reach agreement to unwind production cuts
- OPEC+ reach agreement to extend deal through 2022
- Non-OPEC supply: moderate changes, recent FIDs signal optimism
- US Lower 48: capital discipline continues to limit public operator spending
- OPEC: minor upward revisions focus on Iran
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Global demand: Regional divergence emerges in response to rising Covid-19 cases
- 2021: H2 2021 growth path diverges by region
- 2021: Quarterly demand breakdown
- Product level demand: Petrochemical feedstock leads the recovery
- 2022: Demand’s growth trajectory now accelerates in H2 2022
- Risks to the outlook
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