Macro oils short-term outlook: July 2024
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Report summary
Table of contents
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Global Supply: market poised for the impact of the rollover of OPEC+ cuts through Q3 2024
- Non-OPEC supply: downgrades to Brazil offset by upgrades to US NGLs in 2024
- US Lower 48 annual oil production forecast to surpass 11 million b/d in 2025
- OPEC: key producers likely to continue production constraint through 2026
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Global demand: Petrochemical outlook strengthens amidst a tepid global manufacturing recovery
- Liquids demand by key markets
- China
- United States
- Europe
- Global outlook for 2025 and 2026
- Risks to the outlook
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