Country Report
Global oil supply short-term update - March 2024
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 slide deck and related excel data download. On 3 March, OPEC+ producers agreed to roll over their existing voluntary production cuts for Q1 until the end of Q2 2024. This marks the latest attempt by OPEC+ to bolster prices this year in the face of continued market concerns over the strength of demand growth and rising non-OPEC supply. Russia also announced an additional Q2 output cut via a mix of reduced crude production and exports. These extended cuts drive downward revisions to our global liquids supply outlook for 2024, which offsets upgrades to Latin America. There has been strong output in Argentina, Brazil and Guyana recently which sees our global liquids supply outlook increased in 2025.
Table of contents
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Global Supply: OPEC+ extends and deepens production cuts through Q2 2024
- Non-OPEC: strong growth in Latin America offset by downgrades to Norway in 2024
- US Lower 48 annual oil production growth forecast to slow to 270,000 b/d in 2024
- OPEC: OPEC+ extends additional voluntary cuts through Q2 2024
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