Rystad Energy forecasts near-zero oil supply growth in 2024 and potentially the following year due to OPEC voluntary cuts and differing demand forecasts.
Rystad Energy on Monday projected that global oil supply growth would slow in 2024 and potentially the following year, due to the extension of OPEC voluntary cuts and the cartel’s demand forecast.
However, it's difficult to remain completely bearish when global oil supply growth is expected to slow down in 2024 and reduced production is still a possibility in 2025,' Reuters quoted Rystad vice-president Patricio Valdivieso as saying. OPEC’s current strategy aims to keep production at a level that can support oil prices in a range of $80-$100/bbl, which becomes challenging if U.S. production continues to grow, as it has for over a decade and a half.
OPEC OPEC+ Rystad Energy Global Oil Market Oil Prices U.S. Shale Supply Growth Demand Growth Oil Production
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