Name: Macro oils short-term outlook: September 2024
Brand: Wood Mackenzie
SKU: 182044
Price: 2000 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Commodity Market Report 06 September 2024

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The oil market weakened in August and early September due largely to a continued focus on potential weak demand in China. With prices falling into the low to mid $70s/bbl area for Dated Brent, on 5 September 2024 OPEC+ agreed to delay the easing in production cuts to 1 December 2024. In view of the recent weakness in prices, we have adjusted our base case in this monthly update to assume that OPEC+ delays the start of easing production cuts until Q2 2025, when output will begin returning to the market and continue to do so through the end of 2025.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

<li class="list__item-toggle font-semibold">
        Alternative Case for OPEC+
    </li>

<li class="list__item-toggle font-semibold">
        Political Risk
    </li>

<li class="list__item-toggle">
        <a href="#7dd3cf78-a519-44fc-90ba-42f5a546932e" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="7dd3cf78-a519-44fc-90ba-42f5a546932e" aria-expanded="false">
            Global supply: non-OPEC supply remains buoyant as attention turns to a change in OPEC+ policy
        </a>
        <ul id="7dd3cf78-a519-44fc-90ba-42f5a546932e" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Non-OPEC supply: outlook driven by upgrades to US NGLs and Lower 48
    </li>
    <li class="push-quarter--bottom">
        US Lower 48 oil production will grow annually at 3% through 2025
    </li>
    <li class="push-quarter--bottom">
        Consolidation continues beyond the Permian to boost efficiency and bring synergies
    </li>
    <li class="push-quarter--bottom">
        Fewer rigs doesn’t mean less production, as operators boost output through efficiency
    </li>
    <li class="push-quarter--bottom">
        OPEC: we assume OPEC+ delay unwinding of cuts until Q2 2025
    </li>
    <li class="push-quarter--bottom">
        Global demand: Despite sluggish global manufacturing, petrochemical growth strengthens this year
    </li>
    <li class="push-quarter--bottom">
        Liquids demand by key markets
    </li>
    <li class="push-quarter--bottom">
        China
    </li>

</ul>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>
    <p>No table or charts specified</p>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Macro Oils Short Term Outlook September 2024 Data.xlsx</p>
<p class="uppercase delta">
    <span>XLSX</span>
    <span>3.27 MB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Macro Oils Short Term Outlook September 2024 Slidepack.pdf</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>1.56 MB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Macro oils short-term outlook: September 2024</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>942.99 KB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Macro Oils Short Term Outlook September 2024 Slide Charts.xls</p>
<p class="uppercase delta">
    <span>XLS</span>
    <span>1.09 MB</span>
</p>
</li></ul>
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