IEA changes oil supply forecast to deficit from surplus for 2024
by ChemOrbis Editorial Team - content@chemorbis.com
In its oil market report for March, the International Energy Agency (IEA) increased its global oil demand growth forecast by 110,000 barrels/day to 1.3 million barrels/day for 2024. Accordingly, the global oil demand will hit a record 103.2 million barrels a day this year. The agency attributed this increase to an improved outlook for the United States and higher bunkering activities driven by the longer routes taken to avoid Red Sea attacks.
However, the rate of growth is set to decelerate to 1.3 million b/d in 2024 from 2.3 million b/d in 2023.
In Q1 2024, global oil production is expected to decrease by 870,000 barrels/day compared to the fourth quarter of 2023. This decline is attributed to severe weather-related shutdowns and production cuts from OPEC.
According to IEA, OPEC’s voluntary production cuts will remain in effect throughout 2024. Therefore, the agency now expects a slight deficit this year, instead of the surplus previously anticipated.
Meanwhile, OPEC+ will meet in Vienna on June 1 to decide on extending cuts into the second half of the year.
However, the rate of growth is set to decelerate to 1.3 million b/d in 2024 from 2.3 million b/d in 2023.
In Q1 2024, global oil production is expected to decrease by 870,000 barrels/day compared to the fourth quarter of 2023. This decline is attributed to severe weather-related shutdowns and production cuts from OPEC.
According to IEA, OPEC’s voluntary production cuts will remain in effect throughout 2024. Therefore, the agency now expects a slight deficit this year, instead of the surplus previously anticipated.
Meanwhile, OPEC+ will meet in Vienna on June 1 to decide on extending cuts into the second half of the year.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- March hints at further hikes in European PP, PE markets
- India’s PVC market dips to new lows on Taiwan’s March cuts, players seek signs of bottom
- Q1 turnarounds uplift Mid-East PP, PE markets in February; will it spill over to March?
- SE Asia’s indefinite PE shutdowns: A market in crisis as demand woes threaten survival
- Türkiye’s PPH markets perform better than copolymers in February
- Margin recovery priorities outweigh supply imbalances in European PVC markets
- Asian PVC demand stagnant; recovery hopes shift to end of Q1
- Tough slog in S Korea’s petchem industry spells disappointing 2024 financial results; will government's recent plan help weather the storm?
- China’s PP, PE markets face post-holiday supply surge and tepid demand
- A tug-of-war unfolds in Türkiye as PVC demand struggles against rising costs
