Macro Oils short-term outlook: May 2021
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Report summary
Table of contents
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Global supply: status quo remains for growth in 2021 and 2022
- OPEC+ holds decision to increase supply gradually
- Non-OPEC supply: upward revisions mainly led by China
- US Lower 48: supply holds steady as US producers harvest cash
- A disproportionate rig recovery
- Operators clean up balance sheets
- OPEC: minor upward revisions as Iran baseline creeps up
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Global demand: China and US on the road to recovery, while restrictions hit Europe/Southeast Asia demand
- Global liquids demand this year: China, US recovery path offset H1 2021 weakness
- Q1 2021:
- Q2 to Q4 2021:
- 2022: Demand expected breach 100 million b/d in Q3 2022
- Risks to the outlook
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