Country Report

Global oil supply short-term update - March 2024

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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.

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This report contains:

  • Document

    Global oil supply summary March 2024 slidepack.pdf

    PDF 1.18 MB

  • Document

    Global oil supply data March 2024.xlsx

    XLSX 359.79 KB