Macro oils short-term outlook: January 2023
Oil prices bumped down over the holidays and into the new year. We still project a moderate recovery in the market, as demand is expected to shift into strong growth this quarter and more so in the second quarter. Highlights of this monthly update include: • Price outlook through 2024 with revisions in near term • Improved drilling and completion efficiency support upgrade to US L48 supply outlook • Russia production revised up as high distillate exports support crude runs through end of 2022 • China easing Covid measures helps drive growth in 2023 The early January Monthly Update features an Executive Summary report and the related data download. The slide pack will resume with the next monthly report.