Macro oils short-term outlook: September 2022
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Report summary
Table of contents
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Global supply: OPEC+ agrees a 100,000 b/d October supply cut, and hopes for Iran sanctions deal fade
- Non-OPEC supply: upgrades to Guyana are offset by downgrades to Russia and Kazakhstan
- US Lower 48: growth remains slow and steady
- OPEC supply: OPEC+ agrees to a 100,000 b/d cut for October
- Iran nuclear deal talks
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Global demand: The road to global demand recovery faces obstacles
- 2022: Fuel oil demand boost outweighed by declines in China
- 2023: Outlook remains unchanged as uncertainty to the downside looms
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