Commodity Market Report
Macro oils short-term outlook March 2020
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
For this Monthly Update, our market view shows an enormous oversupply for Q1 2020, that continues but at a much-diminished rate through the rest of 2020. This is partly achieved through a recovery in demand, but also from our assumption that OPEC reduces output further in Q2 2020 to address the COVID-19 impact on demand and prices. Highlights include: • In an uncertain environment, we clarify our assumptions and the impact of COVID-19 on demand • Our production forecast for OPEC+ as the group meets 5-6 March • A revised and lower forecast for Libyan oil production • Forecast for China and global liquids demand in 2020 and 2021
Table of contents
- Global supply: increased outages plus deeper cuts lower OPEC production
- Non-OPEC supply: outlook remains largely unchanged, but lower price could impact US Lower 48 production
- OPEC: Libyan oil port blockades and deeper OPEC cuts remove significant volumes
- Global liquids demand: a drastic downward revision focuses on Q1 2020
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - March 2026
Outbreak of conflict in the Middle East lowers our global oil supply
$1,350
Insight
Global oil cost curves and pre-FID breakevens H1 2025
Deepwater developments are becoming more competitive, driven by new production in Latin America
$6,000
Insight
Global oil supply short-term update - March 2025
OPEC+ reaffirm their decision to ease voluntary production cuts from Q2 2025
$1,350
