Key report takeaways:

• Global crude market to remain tight amid extended OPEC+ production cuts and limited supply upsides from non-OPEC producers.

• Unplanned refinery outages and upcoming autumn maintenance are curtailing refined product supplies at a time when seasonal demand is picking up globally.

• China’s strong crude import momentum could slow in the weeks ahead, while its clean product exports could be constrained by limited export quotas.

• Dirty tanker rates have been capped by lower OPEC exports, but clean tanker rates could see an uplift from a rise in arbitrage flows.