Country Report
Global oil supply short-term update - January 2024
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The global oil supply monthly report provides analysis on short-term global oil supply. The written document is accompanied this month by a related excel data download only. The slide pack will resume with the early February report. Non-OPEC supply gained momentum during the last months of 2023 and in this outlook has been upgraded through 2024 and 2025. This is mainly driven by US NGLs, Niger, Brazil and Guyana. However, this is compounded by downgrades to the demand outlook and we now assume that Saudi Arabia and other key Middle East OPEC producers will extend the bulk of their existing voluntary cuts through the second quarter of 2024, to help maintain a balanced market. This has led to an overall downward revision to our outlook for 2024 and 2025.
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
- OPEC: Angola leaves OPEC; rest of group confirms commitment to managing market stability
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - December 2025
OPEC+ policy remains unchanged, with a pause in unwinding cuts in Q1 2026, due to expected oversupply.
$1,350
Insight
Global oil supply short-term update - November 2025
OPEC+ agree to a pause in unwinding cuts in Q1 2026, due to expected over-supply.
$1,350
Insight
Global oil supply short-term update - September 2025
Upgrades to global supply driven by US Lower 48 crude and NGLs, Brazil, United Arab Emirates and Argentina
$1,350
