Macro oils short-term outlook: October 2024
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Report summary
Table of contents
- Market outlook
- Global supply: OPEC+ policy unchanged as market assesses the escalation of conflict in the Middle East
- Non-OPEC supply: outlook driven by upgrades to US NGLs and Indonesia in 2025 and 2026
-
US Lower 48 annual oil production will grow annually at 3% through 2026
- Shale producers continue to embrace longer laterals and focus on completion efficiency
- The drive for consolidation and efficiency gains among Lower 48 operators remains strong
- OPEC: no change to unwinding of cuts; compensation schedules being met
- Global demand: Global manufacturing picks up next year, supporting a rebound in distillate demand
- Liquids demand by key markets
- Global outlook for 2025 and 2026
- Risks to the outlook
Tables and charts
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What's included
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