Oil markets reality check: Seesaw between supply & demand disappointments

Jul 20, 2021

Only as of July and against the backdrop of the OPEC impasse have exports out of the Middle East increased.

Additional volumes are desperately needed as seaborne crude exports have barely picked up so far.

The US is leading the global demand recovery but even there the picture is blurred.

Chinese oil industry dynamics have slowed downed substantially so far this year and with latest regulatory changes this is set to persist.

Other main markets only 40% of the about 8mn b/d loss in seaborne liquid oil trade have been recovered so far.

Fresh demand hopes and some actual recovery are set to emerge in the coming months, but they also face now supply-side additions after OPEC+ has come to an agreement.


 

 

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