Commodity Market Report

Regional product markets short-term outlook February 2023

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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.

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    Regional product markets short-term outlook February 2023

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