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Oil prices to fall as market returns to surplus in 2022

We expect a gradual normalisation in demand growth and a rebound in supply will start to weigh on oil prices from the fourth quarter. So far this year, growth in demand has outpaced supply, helping prices to hit multi-year highs, but we expect this dynamic to reverse as OPEC+ ramps up production.
Edward Gardner Commodities Economist
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Energy Data Response

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More from Edward Gardner

Energy Data Response

US Weekly Petroleum Status Report

A jump in crude oil production led to the first stock build in eight weeks. However, with output still constrained and demand set to remain strong, stocks are likely to remain low for some time to come. This should support oil prices and raise pressure on OPEC+ to crank up production.

29 September 2021
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