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'World oil output to fall in Q1; OPEC+ to continue with supply cut in 2024'
The Morning Standard
|March 15, 2024
THE world oil production is projected to fall by 870 kb/d (thousand barrel per day) in the first quarter of 2024 compared to the fourth quarter of 2023 on account of heavy weather-related shut-ins and new curbs from OPEC+, according to the International Energy Agency (IEA) oil marketing report.
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The report also noted that the global market is anticipated to face a deficit throughout the year. Additionally, OPEC+ voluntary cuts will remain in effect through 2024, adjusting the market balance from a surplus to a slight deficit.
"Global oil demand is forecast to rise by a higher-thanexpected 1.7 mb/d in Q124 due to an improved outlook for the United States and increased bunkering," the report reads.
This story is from the March 15, 2024 edition of The Morning Standard.
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