Macro oils short-term outlook: August 2022
Report summary
Table of contents
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Global supply: OPEC+ opts for a minimal supply increase and Libya production bounces back
- Russia: production stabilises in July; US proposes price cap for Russia crude oil exports
- Non-OPEC supply: upward revisions to Russia and Argentina exceed downgrades to Brazil
- US Lower 48: growth remains slow and steady
- OPEC supply: OPEC+ agrees to a 100,000 b/d increase for September
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Global demand: Demand growth under pressure from slowing economic growth
- Risks to our 2022 and 2023 outlook and comparison to recession scenario
- 2022: Demand erosion and continued Covid restrictions trim our 2022 demand outlook
- 2023: Demand to rise to pre-pandemic levels as global economic may find a soft landing
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