Global Oil Data Deck (August 2025)
Oil markets flipped back into deficit in June alongside fresh all-time high summer demand, but supply growth continues to outstrip demand on the year and balances continue to deteriorate.
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Overview
Global liquids markets slipped back into an undersupply of -0.7 MMbpd in June given seasonal demand strength and the reacceleration of Chinese demand. However, production continued to grow at a faster pace (+2.0 MMbpd y/y) than consumption (+1.2 MMbpd y/y), and the early summer deficit shrunk compared to the same time last year.
While bumpy, crude prices have remained stubbornly anchored around the $68/bbl Brent level, though prompt timespreads have almost completely unwound their recent strength and have fallen back to their lowest level since the April selloff.
[Full PDF Deck and Flow-Level Analysis Below Paywall]