Insight
Global oil supply short-term update - November 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 by a slide deck and related excel data download. On 3 November OPEC+ announced that agreement had been reached, to delay the easing of some production cuts from December this year to January, should market conditions allow. Our base case remains that the easing of these cuts will be further delayed, with a phased return starting in Q2 2025. Following the flare up in Middle East conflict in early October prices rose sharply, but energy infrastructure was not impacted and tensions have eased somewhat, with prices settling back at around the prior range, as concerns over the strength of global demand continue. Moderate changes have been made to our forecast this month. The main upward revisions are to Venezuela, Iran, US NGLs, Niger and Canada.
Table of contents
-
Global Supply: OPEC+ delay plan to ease cuts by one month as supply ticks up and prices settle lower
- Non-OPEC supply: outlook driven by upgrades to US NGLs, Niger and Canada
- US Lower 48 oil production will grow at 3% annually through 2026
- OPEC: OPEC+ to delay unwinding of cuts by one month to end-2024
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 - 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 - 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 - September 2025
Upgrades to global supply driven by US Lower 48 crude and NGLs, Brazil, United Arab Emirates and Argentina
$1,350
