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Benchmarking: Faltering Demand Straightens Global Balance

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  • The demand outlook for 2022 suffers another blow in May market reports, and consensus now sees consumption rising this year by 2.4 million b/d, down from 3.6 million b/d in January.

  • Forecasts for Russian output this year vary tremendously among agencies surveyed, ranging from a decline of 1.25 million b/d to a small gain of 100,000 b/d.

  • After a series of downward revisions to demand, the global market is shaping up to be more balanced, consensus shows.

Covid-related mobility restrictions in China and lofty, demand-deleterious fuel prices have led to significant adjustments in forecasts for demand growth in 2022. And with ominous signs of an imminent economic recession, more revisions are likely in months ahead.

Topics:
Oil Forecasts, Oil Demand, Oil Supply, Non-Opec Supply, Oil Inventories
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