Global products market weekly: Margins broadly stable as market awaits clarity on demand outlook and the outcome of OPEC+ supply cuts

The oil market saw steady increases through the week, building on expectations of OPEC+ to cut further its production for early 2024. However, a lower-than-expected cut from the group and its voluntary nature sent prices down, on the back of a weaker China PMI for November released. A severe storm that has disrupted oil supply out of Kazakhstan and Russia added on near-term premiums. North Sea Dated crude’s weekly average was broadly unchanged in the week ended 1 December. Our ex-RVO global composite refining margins were down by US$0.26/bbl to US$4.49/bbl, with recovery in gasoline cracks. Weekly margins were at US$2.38/bbl above the five-year historical average for the same week (excluding 2022).