Macro oils short-term outlook: October 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: steady as it goes, OPEC+ make no changes to current production policy
- Non-OPEC supply: upgrades to US NGLs dominates changes this month
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US Lower 48 production on track to add close to 800,000 bpd in 2023
- Permian rig decline extends to Delaware basin after staying flat in recent months
- OPEC supply: no change to policy as Saudi Arabia and Russia continue voluntary cuts
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Global demand: Revenge travel dominates growth this year as the global economy remains weak
- Liquids demand by key markets
- Global outlook for 2024
- Global outlook for 2025
- Risks to the outlook
Tables and charts
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What's included
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