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 change
- China’s highway traffic volume changes
- Coal consumption by major coastal power plants (Day 0 = Chinese New Year)
- China’s air traffic volume
- U.S. Gasoline Demand, Year-on-Year Change
What's included
This report contains:
Other reports you may be interested in
Insight
Biomethane (RNG) market report: North America
Analysis of North America’s biomethane (RNG) market, including policy landscape, Wood Mackenzie supply, demand and credit price outlook.
$950
Country Report
Global coal supply summary
Thermal and metallurgical coal markets experienced notable price fluctuations and cost management efforts in 2023.
$6,750
Insight
Wood Mackenzie at Asia Petrochemical Industry Conference (APIC) 2025 - Key Takeaways
APIC 2025: Key takeaways across the chemicals value chain
$900
