Underinvestment Emerges, Comes With Consequences

Iran Still Stalling on a Return to JCPOA Talks

Gas Markets Underscore Risks of Unhealthy Inventory Levels

Global Inventories Back to Normal, But 2022 a Concern

Demand fits will continue but be transient and only make temporary dents in the overall price trajectory. We are shifting most of our focus to supply, and whether a combination of Opec-plus and adequate investment elsewhere will be able to meet demand prospects for the next several years (with adequate inventories). We see growing discomfort, which is why we are raising our price outlook for coming years and remain firmly above consensus and the curve.

Get Used to Demand Fits for the Foreseeable Future

$70 Still Fair Value for Recently Panicky Market

Lack of H2 Demand Growth Our Key ‘Out of Consensus’ View

Just Like H2’18, Iran Will Be a Key Oil Market Variable The Rest of This Year

Growth/Inflation Expectations Will Weigh Heavily on Oil Prices