Regional product markets short-term outlook February 2022

This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2023 on a regional level. Our demand view for Q4 2021 and 2022 has been revised higher as the downside risk from Covid-19 to personal mobility has eased, combined with robust heating oil demand in Europe, higher use of liquids as internal refinery fuel and resilience in global air travel. Although 2022 annual crude runs remain broadly unchanged in this update, higher runs in Europe and the Middle East offset a downward revision to Asian crude runs.