Name: Global oil supply short-term update - May 2024
Brand: Wood Mackenzie
SKU: 170232
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Author: Wood Mackenzie

Country Report 10 May 2024

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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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. Since the members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) last met on 3 April prices have fallen significantly, which raises questions around the outcome of their next meeting on 1 June. Our market balance continues to show tightness over the remainder of this year and our base case outlook remains that the OPEC+ voluntary cuts will be lifted from the end of Q2. However, if prices remain soft through May, OPEC+ could decide to extend the voluntary cuts into Q3. The changes to our overall forecast are relatively minor in this update. An accumulation of small non-OPEC downgrades across North America, Europe and Africa are partly offset by upgrades to Iraq and Russia.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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        <a href="#f80b6c3e-7298-4a2c-88a8-06fd7d835820" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="f80b6c3e-7298-4a2c-88a8-06fd7d835820" aria-expanded="false">
            Global Supply: minor changes to the outlook as market ponders early June OPEC+ outcome
        </a>
        <ul id="f80b6c3e-7298-4a2c-88a8-06fd7d835820" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Non-OPEC supply: downgrades across North America, Europe and Africa drive changes this month
    </li>
    <li class="push-quarter--bottom">
        Lower 48 annual oil production growth forecast to slow to 250,000 b/d in 2024
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        OPEC: OPEC+ production cuts continue in Q2
    </li>

</ul>

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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" >Global Oil Supply Data May 2024.xlsx</p>
<p class="uppercase delta">
    <span>XLSX</span>
    <span>663.06 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" >Global Oil Supply Summary May 2024.pdf</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>1.13 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" >Global oil supply short-term update - May 2024</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>929.43 KB</span>
</p>
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