Commodity Market Report

Regional product markets short-term outlook October 2023

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This update incorporates all of the regional crude runs and product-by-product supply-demand balances through to end-2025 on a regional level. For 2023, we now forecast crude runs to increase annually by 1.82 million b/d, an upward revision of 50 kb/d from last month’s update. This change was driven by additional crude runs in China due to the 3rd batch of export quotas and stronger domestic transport fuel demand, along with higher US utilization than previously projected.

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    Regional product markets short-term outlook October 2023

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