Country Report

Global oil supply short-term update - July 2024

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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. We expect a significant tightening of the market in Q3 2024 as OPEC+ continue production restraint. However, there will be a need for additional OPEC+ supply from Q4 this year, which is in line with the groups signalled intention to slowly increase output from October. In this update, changes to our forecast are relatively minor but we have extended our short-term forecast through 2026. We forecast that non-OPEC liquids supply will grow steadily and assume OPEC+ will continue to constrain production in order to support a balanced market.

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What's included

This report contains:

  • Document

    Global Oil Supply Data July 2024.xlsx

    XLSX 377.41 KB

  • Document

    Global Oil Supply Summary July 2024.pdf

    PDF 1.12 MB