Macro Oils short-term outlook: July 2021
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Report summary
Table of contents
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Global supply: OPEC+ expected to continue lifting production restraint gradually, despite lack of new agreement
- OPEC+ fail to reach agreement at early July meeting
- Non-OPEC Supply: NOC targets drive supply revisions
- US Lower 48: private operators pick up the pace, but supply remains steady
- Mexico: PEMEX priority fields offset natural declines
- OPEC: minor upward revisions focus on Iran
- Iran elects new President
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Global demand: Downside risk to H2 2021 recovery looms as vaccination pace is challenged by new Covid-19 variants
- 2021: Growth path continues through the end of the year, but the recovery remains uneven
- 2021: Quarterly demand breakdown
- 2021: Regional demand
- 2022: Demand’s growth trajectory now accelerates in H2 2022
- Risks to the outlook
Tables and charts
This report includes the following images and tables:
- Graph 1: Covid-19 Vaccination Rates by Country
What's included
This report contains: