Macro oils short-term outlook: July 2023
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Report summary
Table of contents
- Prices to soften in 2025 as we extend our short-term outlook
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Global Supply: Saudi Arabia extends its million b/d cut through August and is joined by Russia, with a 500,000 b/d cut
- Non-OPEC supply: downgrades to Canada, the US and Azerbaijan
- US Lower 48: production on track to add more than 700,000 bpd in 2023
- Outlook extended to 2025 – growth from US is supported by Brazil, Canada and Guyana.
- OPEC supply: crude oil output lowered as Saudi Arabia extends 1 million b/d cut into August
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Global demand: The post pandemic recovery faces headwinds from a weakening global economy
- Liquids demand by key markets
- Global outlook for 2024
- Global outlook for 2025
- Risks to the outlook
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