Macro oils short-term outlook: December 2022
Report summary
Table of contents
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Global supply: limited changes to the outlook as OPEC+ opts for a wait and see approach
- Non-OPEC supply: US Lower 48 growth accelerates; Russia production remains strong, for now
- Russia production strong ahead of implementation of EU oil ban and G7 price cap
- US Lower 48: growth takes sharp turn higher
- OPEC supply: OPEC+ agrees to continue with 2 million b/d production cut
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Global demand: Outlook remains volatile as China struggles with Covid surge
- 2022: The recent Covid surge in China tempers the global demand recovery
- 2023: Annual growth is still in recovery mode but is tempered by economic slowdown
- 2024 Global demand recovers on an economic soft landing
- Risks to the outlook
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