Macro oils short-term outlook: May 2022
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
-
Global supply: base case outlook for Russia supply again lowered substantially
- Russia: new EU sanctions under discussion as production declines sharply in April
- Non-OPEC supply: downgrades to Russia, Norway and GoM offset upgrades to China and Kazakhstan
- US Lower 48: drilling activity remains strong, but completions slow
- OPEC: Libya oil blockade outages slow OPEC growth in Q2
-
Global demand: Global oil demand struggles in 2022 under the weight of China lockdowns and inflation pressures
- 2022: China restrictions and squeezed petrochemical margins hit gasoline and naphtha demand as recovery retracts in H1 2022
- 2023: Global demand to approach 102 million b/d as light ends demand weakness extends into next year
- Key changes/developments in regional outlooks
- Asia Pacific
- North America
- Europe
- Middle East
- Risks to the outlook
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Macro oils short-term outlook: October 2024
Assessing risk to oil prices in a volatile environment: geopolitical risk premium versus weak economic signals
$2,000Macro oils short-term outlook: September 2024
With potential weak China demand, prices have fallen significantly, OPEC+ have delayed the easing of production cuts
$2,000Macro oils short-term outlook: August 2024
Market weighs up geopolitical risk versus weaker economic growth
$2,000