Oil Medium-Term Market Report 2014(PPT)

摘要

1. Balances loosen up on paper but must be seen in perspective. 2. The unconventional supply revolution enters a new stage - matures into an increasingly global phenomenon, not just a US success story. 3. Political and social change in the MENA raises OPEC supply risk, partly offsetting the impact of higher non-OPEC supply. 4. The economic recovery buoys demand, but the dynamics of demand growth undergo a structural shift - efficiency gains and fuel switching increasingly balance income and population impacts. 5. Asia is by far the largest magnet for global crude exports as North America grows into a net oil exporter. 6. The refining industry faces a new round of restructuring and a potential glut of light products.