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Lower OPEC+ Oil Output in 2024 Could Extend into 2025: S&P Global

OIL

New oil supplies from non OPEC+ countries will be sufficient to meet demand growth through to 2025 according to a note from Jim Burkhard, head of oil research at S&P Global.

  • “Growth in non-OPEC+ supply, decelerating demand growth following China’s 2023 reopening and sizeable OPEC spare capacity point to a well-supplied market in coming months.”
  • “Ongoing OPEC+ supply restraint will remain key to maintaining oil prices going forward.”
  • “It is the reason why OPEC+, and particularly Saudi Arabia and Russia, are expected to produce less oil in 2024 than in 2023 — and that trend could continue into 2025.”
  • Non-OPEC+ output is forecast to increase by 2.3mb/d in 2024 compared with demand growth of 1.6mb/d.
  • Supplies will rise by 1.6mb/d in 2025, compared with demand growth of 1mb/d.
Energy BulletsCommodities
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