Macro oils short-term outlook: February 2022
Report summary
Table of contents
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Global supply: OPEC+ and mature producer struggles offset by increasing US onshore activity
- Russia production edges higher in January as Ukraine tensions rise
- Non-OPEC Supply: Downward adjustments to the North Sea offset North America gains
- US Lower 48: production returns to pre-pandemic levels by 2023
- OPEC: steady as it goes, agreement to roll over the current pace of OPEC+ production increases
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Global demand: Recovery to proceed swiftly in 2022, but faces downside risks
- 2022 global liquids demand by region
- Asia-Pacific
- Europe
- Americas
- Russia and The Caspian
- Africa
- 2023 global liquids demand
- Risks to the outlook
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