Commodity Market Report
Regional product markets short-term outlook February 2023
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2024 on a regional level. For this update, we have made a significant downward revision to near-term crude runs, however, this is offset by a stronger H2 2023 view. Q1 2023 runs have been revised lower as stronger runs in Europe and Russia ahead of the EU ban were offset by a large downward revision to North American and Middle East runs. This reflects higher announced maintenance and a shift in the start-up of new greenfield refineries. Russian crude runs have been revised higher in January and February as refined product exports have remained resilient to date.
Table of contents
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Global supply tightens as EU embargo looms – Russian product exports start to diversify
- Changes to our Short-Term demand view
- EU price cap and embargo on Russian refined oil products
- Changes to our Short-Term supply view
- Regional analysis
Tables and charts
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What's included
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