Russian government announces oil production cut as expected
The government’s announcement that the country’s oil output will be reduced by 0.5 mn b/d in March is not a surprise. The amount of the reduction is at the lower bound of the range mooted back in December after the first phase of the EU oil embargo came into force.
We have updated our 2023 oil production forecast taking those signals into account. It sees a reduction of 6.8% in Russia’s oil output and leaves room for a further moderate decrease that is likely to occur in Q2.
Commodity markets turned slightly more bullish last week
Spot crude oil prices continue to be held back by demand woes, despite recent moves to tighten the market by Saudi Arabia. However, in a sign that sentiment may be starting to turn, net long positions rose last week, suggesting markets are starting to become more bullish.Find Out More
Japan Key themes 2023 – Is BoJ finally out of woods?
While few observers expect to see any growth surprise in Japan, some have started to wonder whether global inflation may finally bring an end to Japan's long-time disinflationary trend, which will enable the Bank of Japan (BoJ) to start adjusting its Yield Curve Control (YCC) policy.Find Out More
Global Scenarios Service: Housing Market Crash
The decline in house prices triggers falls in residential investment. Consumer spending also weakens as credit conditions tighten and worsening investor sentiment drives equity prices lower.Find Out More