Commodity Market Report
Macro oils short-term outlook: June 2024
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
OPEC+ held its meeting on 1-2 June and agreed to rollover one set of the voluntary cuts that was due to expire at end-June. The 2.2 million b/d voluntary cuts by eight countries will remain in place for Q3 2024 and then return in small increments through September 2025. Significantly for the market, the increases each month can be delayed if prices weaken. Highlights of this monthly update include: • Price reacts negatively to OPEC+ agreement • Impact of OPEC+ cut extension through Q3 2024 and plan to return some volumes thereafter • Maintenance and downtime on several FPSOs impacts Brazil output • A slowing recovery in global manufacturing could temper the distillate demand rebound this year
Table of contents
-
Global supply: OPEC+ surprises the market with an agreement on production limits through 2025 and a plan to phase out some voluntary cuts from October 2024
- Non-OPEC supply: downgrades to Russia, Oman and Brazil offset by upgrades to US NGLs and Malaysia
- Lower 48 annual oil production growth forecast to slow to 250,000 b/d in 2024
- OPEC: OPEC+ extends baseline cuts through 2025, whilst lifting additional voluntary cuts
-
Global demand: A slowing recovery in global manufacturing could temper the distillate rebound this year
- Liquids demand by key markets
- China
- United States
- Europe
- Global outlook for 2025
- Risks to the outlook
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Macro oils short-term outlook: November 2024
The oil price could be affected in 2025 by US President-elect Trump’s plan for tariffs
Insight
LNG Tool Key Changes Q4 2024
See all the latest developments in the LNG industry and how we have captured them, alongside changes to our forecasts in our Q4 Tool update
$1,050
Insight
Global Short-term LNG Supply Tracker (Q4 2024)
Quarterly update of short-term LNG supply dynamics by country
$1,050
