Country Report
Global oil supply short-term update - May 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. 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.
Table of contents
-
Global Supply: minor changes to the outlook as market ponders early June OPEC+ outcome
- Non-OPEC supply: downgrades across North America, Europe and Africa drive changes this month
- Lower 48 annual oil production growth forecast to slow to 250,000 b/d in 2024
- OPEC: OPEC+ production cuts continue in Q2
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Country Report
Global oil supply short-term update - April 2024
OPEC+ cuts take effect in first half with high levels of compliance noted from participating members
$1,650
Insight
Perspectives - Metals and Mining - May 2024
A cross-commodity outlook
$1,050
Country Report
Global oil supply short-term update - March 2024
OPEC+ extends and deepens production cuts through Q2 2024
$1,650