Oil Markets Face Uncertainty into 2023 Before Supply Deficits Emerge, Says RBC
• RBC Capital Markets warns of 2 months uncertainty in oil markets before first OPEC+ compliance report in late January • RBC projects supply deficits and demand outpacing supply in 2024 even with non-OPEC supply growth • Bank forecasts 300k bpd stock draw in Q1 2024, building to 1.4M bpd draw in Q4 • RBC says oil futures may trend lower in near-term due to lack of clear catalysts until OPEC compliance data emerges • Report notes surprises in 2022 being 1M bpd rise in US output and China's economy undershooting after dropping Covid restrictions