Macro oils short-term outlook: February 2023
Report summary
Table of contents
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Global supply: OPEC+ retains wait and see approach as Russia supply so far holds up
- Impact of Türkiye (Turkey)-Syria earthquake
- Non-OPEC supply: upgrades to Russia, offset by downgrades to Norway, Canada and Brazil
- Russia production remains stable at start of year despite sanctions and price caps
- US Lower 48 growth remains steady heading into 2023
- OPEC supply: no change to OPEC+ strategy leads to stable production
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Global demand: China demand surges as Covid restrictions are eased
- 2023 liquids demand by key markets
- Global outlook for 2024
- Risks to the outlook
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