Indian Express News
Buisness

“OPEC+ will continue to reduce supply in 2024; global oil output to decline in Q1”

Share

<p>As to the International Energy Agency’s (IEA) oil marketing report, there is a forecast decline of 870 kb/d (thousand barrel per day) in global oil output from the fourth quarter of 2023 to the first quarter of 2024 due to severe weather-related shutdowns and additional restrictions from OPEC+.</p>
<p><img decoding=”async” class=”alignnone wp-image-511519″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-opec-will-continue-to-reduce-supply-in-2024-global-oil-output-to-decline-in-q1-new-750×406.jpg” alt=”theindiaprint.com opec will continue to reduce supply in 2024 global oil output to decline in q1 new” width=”1000″ height=”542″ title=”"OPEC+ will continue to reduce supply in 2024; global oil output to decline in Q1" 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-opec-will-continue-to-reduce-supply-in-2024-global-oil-output-to-decline-in-q1-new-750×406.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-opec-will-continue-to-reduce-supply-in-2024-global-oil-output-to-decline-in-q1-new-1024×555.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-opec-will-continue-to-reduce-supply-in-2024-global-oil-output-to-decline-in-q1-new-768×416.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-opec-will-continue-to-reduce-supply-in-2024-global-oil-output-to-decline-in-q1-new.jpg 1200w” sizes=”(max-width: 1000px) 100vw, 1000px” /></p>
<p>The research also said that it is expected that there would be a deficit on the worldwide market all year long. Furthermore, until 2024, the voluntary cutbacks of OPEC+ will continue to take effect, shifting the market’s balance from a surplus to a minor deficit.</p>
<p>The study states that “global oil demand is forecast to rise by a higher-than-expected 1.7 mb/d in Q124 due to increased bunkering and an improved outlook for the United States.”</p>
<p>“Non-OPEC+ is expected to lead increases starting in the second quarter, as a few OPEC+ members said they would prolong further voluntary cuts in order to maintain market stability. According to the paper, “global supply is forecast to increase 800 kb/d to 102.9 mb/d in 2024, including a downward adjustment to OPEC+ output.”</p>
<p>Disruptions to trade flows have also increased the usage of bunker fuel, according to the IEA research. Singapore bunkering reached all-time highs as a result of longer maritime routes and greater vessel speeds.</p>
<p>This, along with the United States’ soaring ethane demand for its petrochemical industry, supports a little modification upwards of 110 kb/d in the projections for world oil consumption this year from the research released last month.</p>
<p>The IEA said in its monthly report that “global oil demand growth is now forecast at 1.3 mb/d in 2024, down sharply from last year’s 2.3 mb/d expansion.”</p>
<p>It is anticipated that Iran, which was the second-largest source of supply growth in the globe last year, would boost output by an additional 280 kb/d this year. On June 1, ministers will evaluate market circumstances at their meeting in Vienna, where they will revise output strategy for the remaining members of the OPEC+ cartel.</p>


Share

Related posts

See What’s New: Kia India Unveils Another Teaser Of The Upcoming Sonet Facelift, Which Will Launch On December 14

cradmin

Today, October 22, check India’s most recent fuel prices for petrol and diesel

cradmin

After purchasing in HDFC Bank and Reliance Industries, the Sensex rises 358 points

cradmin