Macro oils short-term outlook: May 2023
*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: downgrades to OPEC supply outweigh upgrades to China and Russia
- Non-OPEC supply: upward revisions to Russia and China dominate changes this month
- US Lower 48: H2 2023 set for strong growth led by Permian
- Permian rig count increases to post-covid high
- Lower 48 non-core plays saw a 25% decline in rig numbers from Dec 2022 levels
- OPEC supply: crude oil output lowered as OPEC+ voluntary cuts impact outlook
-
Global demand: Growth skewed towards the service sector as manufacturing falters
- 2023 liquids demand by key markets
- Global outlook for 2024
- 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 May 2019: supply constraints, OPEC spare capacity and easing economic concerns
The oil market is the scene of several geopolitical stand offs, how will the oil price react?
$2,000Macro oils short-term outlook: July 2024
Market fundamentals offer further price support as Brent strengthens through June.
$2,000Macro oils short-term outlook: May 2024
OPEC+ to consider extending voluntary cuts beyond Q2 at early June meeting, as prices soften in early May
$2,000