Macro oils short-term outlook: January 2023
Report summary
Table of contents
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Global supply: OPEC+ marks time as the impact of planned restrictions on Russian oil supply remains unclear
- Non-OPEC supply: US Lower 48 growth accelerates; Russia production remains strong, for now
- Russia responds to G7 price cap plan by banning sales to participating countries
- US Lower 48 growth continues through October
- OPEC supply: production drops as OPEC+ stick to output cuts amid continuing market uncertainty
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Global demand: China easing Covid measures helps drive growth in 2023
- 2022: The recent Covid surge in China weakened the global demand recovery
- 2023: China easing Covid measures helps drive growth in 2023
- 2024 Global demand recovers on an economic soft landing
- Risks to the outlook
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