Oil products price forecast update February 2022

This update incorporates all of the price forecasts, crude differentials and refining margins through to end-2023 on a regional level. For this update we have revised our monthly Brent price forecast to reflect the current impact of the geopolitical risk premium. Our near-term refining outlook is more positive than the January monthly view, given the improved demand outlook and further tightening of global middle distillate balances. We expect the global composite margin to increase sharply in February. The next update to our prices and margins forecast will be our mid-month update published by close of business Wednesday 16 February.