Macro oils short-term outlook: February 2024
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Report summary
Table of contents
- Global supply: minor changes to the outlook as market waits for OPEC+ cuts to bite
- Non-OPEC: strong US Lower 48 growth in Q4 2023 drives baseline increase across 2024 and 2025
- US Lower 48 production reaches 11 million b/d for the first time
- Lower 48 annual oil production forecast to grow nearly 270,000 b/d in 2024
- OPEC: output falls as Q1 2024 additional voluntary cuts make an impact
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Global demand: Disruption to shipping routes via the Red Sea, boosts global marine bunker sales
- Liquids demand by key markets
- Global outlook for 2025
- Risks to the outlook
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