Macro Oils short-term outlook: January 2021
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
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Global supply: OPEC+ Saudi Arabia to cut deeper; US Lower 48 revised up in 2022
- OPEC+ agrees small rise in output for some as Saudi Arabia pledges 1 million b/d cut
- Non-OPEC: outlook little changed, minor revisions downwards for 2020 and 2021, and upwards for 2022
- US Lower 48: drilling activity recovering earlier than expected in key regions
- OPEC: downward revision due to Saudi Arabia cuts
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Global demand: Persistent Covid-19 outbreaks stall the demand recovery
- Quarterly global liquids demand: Q4 2020 and Q1 2021 demand recovery stalls
- Q4 2020 and Q1 2021:
- Q2 2021 to Q4 2021:
- 2022: Demand approaches pre-crisis levels by year-end
Tables and charts
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What's included
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