Regional product markets short-term outlook September 2023 Report

Commodity Market Report 31 August 2023

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Report summary

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 1.85 million b/d, a downward revision of 220,000 b/d from last month’s update. This change was driven by additional seasonal maintenance and a drop in projected demand for fuels, with Asia, the Middle East, and Russia making up the bulk of this adjustment.