Macro oils short-term outlook: January 2024
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Report summary
Table of contents
- Global supply: continued strength of non-OPEC supply adds pressure on OPEC to extend voluntary cuts
- Non-OPEC: upward revisions dominate changes, with first exports from Niger expected in the near-term
- US Lower 48 production growth to slow to 170,000 b/d in 2024
- OPEC: Angola leaves OPEC; rest of group confirms commitment to managing market stability
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Global demand: China continues to lead global demand as growth shifts towards petrochemicals
- Liquids demand by key markets
- Global outlook for 2025
- Risks to the outlook
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