Insight
Oil market pain: checking on supply and demand progress
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Events are moving swiftly since the 6 March OPEC+ meeting broke up without an agreement to cut production. Since then oil demand outside China is teetering on the verge of a sharp drop similar to what China saw in Q1 2020. On the supply side, Saudi Arabia swiftly slashed its oil prices after the OPEC+ meeting and says it plans to boost supply to 12.3 million b/d in April, by utilising storage releases. As a result, Brent prices have fallen sharply, to below $30 per barrel, from levels above $50 before the meeting. Macro Oils plans to release our updated short-term outlook on 30 March rather than early April. This Insight provides highlights of developments including: • Saudi pricing and production • OPEC and non-OPEC supply including Russia’s plans • Potential impact of low prices on non-OPEC production • US and China demand.
Table of contents
- Saudi Arabia’s swift response: Official Selling Prices and rising production
- Other OPEC producers and OPEC+ partners
- What matters to rebalance the market: reduce supply!
- Global oil demand: The pendulum swings
Tables and charts
This report includes the following images and tables:
-
Regional decline rates: North America, Asia and Latin America saw most pronounced impact from 2014/2015 price crash. Analysis as of our H2 2019 long term outlook – 2020-22 will changeChina’s highway traffic volume changesCoal consumption by major coastal power plants (Day 0 = Chinese New Year)China’s air traffic volumeU.S. Gasoline Demand, Year-on-Year Change
What's included
This report contains:
Other reports you may be interested in
Insight
Will REPowerEU accelerate the energy transition?
The European Commission's REPowerEU plan aims to rapidly reduce reliance on Russian energy imports, without derailing net zero ambitions.
$1,250
Wallmap
Global LNG Wallmap
Wood Mackenzie has produced a highly detailed Global LNG wallmap, showing LNG shipping routes,liquefaction and regasification terminals.
$550
Insight
New Zealand gas shortage sparks policy U-turn and LNG import plans
New Zealand faces gas shortage due to declining production. Government lifted offshore exploration ban and initiated LNG import process.
$950
