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  "documentTitle": "ey og q3 2020 price point client deck",
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      "text": "The theme for Q1 is divergence.",
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      "text": "What will the impact of the Omicron variant be on governments, central banks, consumers and companies?\nWill monetary restraint impact economic growth and energy demand?\nWhen will the long-standing connection between economic growth and oil demand start to break down?\nHow will supplies needed to meet growing oil and gas demand be funded?",
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      "text": "capital spending growth: 21%",
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      "text": "The theme for Q1 is divergence. Oil and gas markets moved downward during the quarter, but for completely different reasons, while LNG markets were unfazed by the emergence of the Omicron variant or the possibility of tightening by central banks to control inflation. Doubts about the long-term future of petroleum are at odds with the economics of oil and gas in the here and now and widely accepted projections of global demand.",
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      "text": "Economic growth and predictions of continued oil demand growth mean positive medium- and long-term fundamentals for oil, gas and LNG, notwithstanding conventional wisdom about the future of petroleum. IOC financial results in Q3 were strong, and equity prices increased at double the rate of the broader market. In spite of this, the funding for upstream oil and LNG projects is still difficult to pinpoint. Consensus capital spending estimates for oil and gas majors for 2022 are 21% higher than 2021, but just over half of what they were in 2014.",
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      "text": "The Organization for Economic Cooperation and Development (OECD) Economic Outlook, published in December, shows “strong but imbalanced” growth with inflation subsiding but settling at rates higher than they were before the COVID-19 pandemic. The connection between economic growth and oil demand is well-established, and the most recent U.S. EIA International Energy Outlook calls for demand growth just below 1% for as far as the eye can see. The macroeconomic environment is always a risk, and the tapering of the central bank COVID-19 stimulus in response to inflation is inevitable. The most recent measure of consumer prices in the US showed increases at rates not seen since the early 1980s, and Eurozone inflation is currently running at its highest point in the history of the euro.",
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