Macro oils short-term outlook: March 2023
Report summary
Table of contents
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Global supply: balancing Russia production cuts, non-OPEC growth in the America’s and OPEC+ policy
- Non-OPEC supply: upgrades to Russia, offset by downgrades to Kazakhstan, Canada and UK
- Russia: production has remained resilient till now, but output forecast to fall
- US Lower 48 growth remains steady in the first quarter of 2023
- OPEC supply: no change to OPEC+ strategy leads to stable production
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Global demand: Major petrochemical expansions in China underpin global growth this year
- 2023 liquids demand by key markets
- China
- US
- Europe
- Global outlook for 2024
- Risks to the outlook
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