Commodity Market Report
Macro Oils short-term outlook: March 2021
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
On 4 March, OPEC+ decided to take a cautious approach to demand recovery by leaving its production restraint for April, including the Saudi extra 1 million b/d cut. The only exception were increases for Russia and Kazakhstan. After the OPEC+ announcement, Brent climbed to just under $70 per barrel. The 7 March missile attack on Saudi Arabia’s oil facilities, while not harming facilities, highlights the upward price risk this spring and briefly lifted Brent to above $70. Highlights of our Macro Oils short-term outlook include: • How did the Texas freeze impact Q1 2021 supply and demand? • Revised outlook for Brent in 2021 and 2022 • Demand growth set to accelerate as vaccination continues • OECD crude stocks to return to pre-Covid-19 levels in H2 2021
Table of contents
-
Global supply: US deep freeze and OPEC rollover impacts H1 2021 production
- OPEC+ rolls over March cuts; exception of further small rise in output for Russia and Kazakhstan
- Non-OPEC supply: sweeping US winter storms, and a mixed forecast for the North Sea
- US Lower 48: winter storm impact was severe but short-lived
- Impact of severe winter storm
- Operator guidance
- OPEC: minor revisions as OPEC+ rolls over production cuts
-
Global demand : Texas freeze, Covid-19 lingering restrictions weigh on Q1 2021
- Global liquids demand this year: Q1 2021 struggles, Q4 2021 demand raised
- Q1 2021:
- 2021:
- Asia-Pacific:
- Americas:
- Europe:
- Russia/The Caspian:
- 2022: Demand exceeds pre-crisis levels in H2 2022
- 1 more item(s)...
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global product markets short-term outlook March 2023
Monthly global commodity market reports and global product-by-product supply- demand balance with stock forecasts and a net trade forecasts
$1,900
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
