FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Global Oil Supply for 2024 revised Down: EIA Short Term Energy Outlook

OIL

The EIA Short Term Energy Outlook has revised its estimate for global oil supply in 2024 to 102.19m b/d, down from 102.55m b/d in November’s report.

  • OPEC supply for 2024 has been revised to 33.11m b/d, compared to 33.24m b/d in November, down 0.4%
  • US crude oil production has been revised down to 13.11m b/d in 2024, down 0.3% on the previous estimate from November’s report of 13.15m b/d. Production in 2023 is forecast to be 12.93m b/d.
  • Brent prices for 2023 have been revised to $82.57/b in 2024 and $82.4/b in 2023. November’s estimate for brent in 2024 was $93.24/b.
  • WTI’s average price for 2024 has been revised to $78.07/b.
  • WTI’s price for 2023 is set for $77.63/b, down 2.2% on November’s estimate of $79.41/b.
  • “We forecast the Brent crude oil spot price will increase from an average of $78 per barrel (b) in December to an average of $84/b in the first half of 2024, partly driven by recently announced OPEC+ production cuts,” the EIA said.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.