Macro Oils short-term outlook May 2020
Report summary
Table of contents
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Global liquids supply: production shut-ins begin to bite into oversupply
- OPEC: radical shift in production outlook as landmark agreement reached
- Non-OPEC supply: between a cut and a hard place
- OPEC+ cuts: Russia and the Caspian lead the way
- US Lower 48: cuts, deferrals and shut-ins
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Global liquids demand: 2020 demand falls to 7-year lows amid post-pandemic economic contraction in Q3, Q4 2020
- Growing scale and duration of Covid-19 impacts drop Q2 demand to 11-year lows
- Demand outlook by region
- Downside risk remains, but progress on Covid-19 vaccine/therapeutics presents upside risk
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