Macro Oils short-term outlook: October 2021
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Report summary
Table of contents
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Global supply: OPEC rollover and US capital restraint continues despite high prices
- Non-OPEC Supply: US Gulf of Mexico recovers from Ida, downward revisions to US Lower 48 in 2022
- US Lower 48: capital restraint continues into 2023
- Outlook extended to 2023: production increases depend on the US and Russia
- OPEC: group conclude to stick with existing plan to ease volumes back into the market
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Global demand: Slowing growth in Asia-Pacific dilutes impact of gas-to-oil switching
- 2021: Q4 demand expected to rise seasonally, but growth tempered on multiple fronts
- 2022: Major trends by region
- Asia-Pacific
- Europe
- North America
- Middle East
- 2023: Demand exceeds pre-pandemic levels as non-OECD growth accelerates
- Risks to the outlook
Tables and charts
This report includes the following images and tables:
- Risks to the outlook
What's included
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