Commodity Market Report

North America Crude Markets short-term outlook: July 2023

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In this outlook, we roll out our view to 2025. The extension highlights continued gradual US L48 growth, again driven by the Permian Basin. We forecast US waterborne exports rising alongside production, exiting 2025 near 5 million b/d. However, our 2024 production forecast was downgraded due to recent declines in rig count. In this outlook, we also re-visit key USGC project timelines. Importantly, we have advanced the start-up timeline for the Gray Oak pipeline expansion to Q1 2024. In this outlook, we assess how this and other project timelines will affect Permian-to-Gulf Coast and export trends through the extended short-term horizon through 2025.

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What's included

This report contains:

  • Document

    North America Crude Market July 2023 Short Term Outlook Slidepack.pdf

    PDF 1.64 MB

  • Document

    WCSB Supply & Diluent Outlook July 2023.xlsx

    XLSX 9.44 MB

  • Document

    North America Crude Market Supply & Pricing July 2023.xlsx

    XLSX 971.82 KB

  • Document

    North America Crude Midstream July Outlook 2023.xlsx

    XLSX 2.64 MB