We expect Brent prices will average $71/b in December and $73/b in the first quarter of 2022 (1Q22). For 2022 as a whole, we expect that growth in production from OPEC+, of U.S. tight oil, and from other non-OPEC countries will outpace slowing growth in global oil consumption, especially in light of renewed concerns about COVID-19 variants. We expect Brent prices will remain near current levels in 2022, averaging $70/b.

Four tankers with 2 million barrels of Russian diesel aboard, the most in data going back to 2018, are set to arrive next week, as natural gas-rich Russia cranks up diesel-producing units that are dependent on a feedstock extracted from costly natural gas,

Rosneft exercised the pre-emption right for 37.5% share of the PCK (Schwedt) refinery from Shell.

World oil demand growth in 2021 is revised lower by around 0.16 mb/d, compared to last month’s assessment, to stand at 5.7 mb/d.

We expect Brent prices will remain near current levels for the rest of 2021, averaging $82/b in the fourth quarter of 2021. In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of $72/b.

World oil demand is estimated to increase by 5.8 mb/d in 2021, revised down from 5.96 mb/d in the previous month’s assessment.

We expect Brent prices will remain near current levels for the remainder of 2021, averaging $81/b during the fourth quarter of 2021. In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining from current levels to an annual average of $72/b.

Oil products consumption reached 70 Mt in 2020, and Iran exported 18 Mt of petroleum products.

We expect Brent prices will remain near current levels for the remainder of 2021, averaging $71/b during the fourth quarter of 2021 (4Q21). In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining to an annual average of $66/b.

"With the recovery in the overall demand, refining and other related operational parameters have demonstrated an even more pronounced turnaround compared to the previous year," said Shrikant Madhav Vaidya, chairman of state-run Indian Oil Corp. the country's biggest refiner.

India’s refining capacity stood at 251 Mt/year at the end of 2020. India is the fourth largest producer of oil products in the world, with an output of 232 Mt in 2020 (-11% compared to 2019). The country is a net exporter of oil products (12.5 Mt in 2020).

"In our oils-to-chemicals business, we generated strong earnings through our integrated portfolio and superior product placement capabilities," said Mukesh Ambani, chairman and managing director of Reliance Industries.

We expect rising production will reduce the persistent global oil inventory draws that have occurred for much of the past year and keep prices similar to current levels, averaging $72/b during the second half of 2021 (2H21).

The Algeria national oil and gas company Sonatrach extracted 176 Mtoe of hydrocarbon in 2020 (-6%),

These brought the country's throughput in the first five months to average at 14.21 million b/d with a 12.7% year-on-year jump.