Despite great uncertainty in oil markets, a reduction in expected supply from Russia, and a reduction in global demand since our previous quarterly outlook, we expect oil supply growth to continue in 2022, with production coming close to parity with demand in 2022 and exceeding it in 2023. Though current high oil prices should encourage greater production and less consumption, supply risks are largely to the upside and demand risks are mainly to the downside, both of which would push prices lower.
