A market close to imbalance this winter. Reduction in Russian production. New American sanctions change the situation. Oil prices higher than expected. Positive outlook for prices and the global oil sector.

Key points

• World oil market: oversupply?
• Oil demand underestimated for 2025
• The oil market may already be out of balance this winter
• Russian production likely to be reduced in the incoming months
• Crude prices to rise above consensus forecast to $85/bbl
• Positive outlook for the oil sector in 2025

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