Macro oils short-term outlook: October 2022
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Report summary
Table of contents
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Global supply: OPEC+ agreement for a 2 million b/d cut leads to a downward revision for 2023 supply.
- Non-OPEC supply: Upgrades to US Lower 48 offset by downgrades to Kazakhstan and Russia
- US Lower 48: growth remains slow and steady
- Outlook extended to 2024: growth from US is supported by Kazakhstan, Guyana and Brazil
- OPEC supply: OPEC+ agrees to a 2 million b/d production cut from November
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Global demand: Annual growth at risk as economic storm clouds gather
- 2022: Potential gas-to-oil switching insufficient to offset demand losses
- 2023: Annual growth at risk
- 2024: Global demand recovers on an economic soft landing
- Risks to the outlook
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