Macro oils short-term outlook: June 2022
Report summary
Table of contents
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Global supply: OPEC sets the stage for faster production increases
- Non-OPEC supply: number of downgrades overshadow upward revisions to US Lower 48 and Guyana
- US Lower 48: muted response to higher oil prices
- OPEC: OPEC+ agrees to a bigger production increase in July and August
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Global demand: Global recovery under pressure from high fuel prices
- 2022: H2 2022 demand resumes a recovery pace following a turbulent Q2
- 2023: Global demand to exceed 102 million b/d by H2 2023
- Key changes/developments in product-level demand outlooks
- Petrochemical feedstock
- Gasoline
- Jet Fuel
- Diesel/Gasoil
- Risks to the outlook
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