Regional product markets short-term outlook January 2023
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 revised global 2023 crude runs upwards from last month's update, aligning broadly with the y-o-y increase in refined product demand. In H1 2023, the market continues to focus on the easing of covid restrictions in China and the expected rebound in demand. We do not expect a material increase in demand until Q2 2023, however, we now expect China crude runs and product supply to significantly outpace demand in Q1 2023.