Leaders like Putin and Saudi Arabia are urging OPEC+ members to continue oil supply cuts to support global economic growth. The International Energy Agency (IEA) has raised the 2024 global oil demand growth forecast by 130,000 barrels per day (BPD) and expects non-OPEC+ to drive a 1.2 million BPD oil output gain in 2024. However, the IEA also trimmed the 2023 global oil demand growth forecast by 90,000 BPD to 2.3 million BPD. OPEC+ and Saudi Arabia are facing concerns about oversupply, slowing economic growth, and Middle East tension, which could lead to price volatility. The IEA notes that the extension of OPEC+ output cuts through the first quarter of 2024 did little to prop up oil prices. Additionally, the IEA states that the continued rise in output and slowing demand growth will complicate efforts by key producers to defend their market share and maintain elevated oil prices. The IEA also expects OPEC+ oil market share to drop to a low of 51% in 2023. Citigroup emphasizes that OPEC+ will need to maintain cuts next year to balance the market, while the perception of US oil production growth is causing market participants to question how long the Saudis can keep cutting. The IEA's monthly report cites an improved GDP outlook as a reason for the increased oil demand forecast for 2024.
IEA expects oil demand slowdown to persist in 2024 as prices fall on oversupply concerns https://t.co/80KrPv6Hpt
BREAKING: Global oil demand growth shows signs of a sharper slowdown, the International Energy Agency says https://t.co/8vHLJ1m6zL https://t.co/tGJPDJvjgF
🔴 IEA: NON-OPEC+ TO DRIVE OIL OUTPUT GAIN OF 1.2M BPD IN 2024.
🔴 IEA: OPEC+ OIL MARKET SHARE TO DROP TO A LOW OF 51% IN 2023.
🔴 IEA: EVIDENCE OF A SLOWDOWN IN OIL DEMAND IS MOUNTING, WE ARE LOWERING THE 4Q 2023 GLOBAL DEMAND GROWTH FORECAST BY ALMOST 400,000 BPD.
🔴 IEA: US OIL SUPPLY GROWTH CONTINUES TO DEFY EXPECTATIONS, WITH OUTPUT SHATTERING THE 20 MBPD MARK.
🔴 IEA: THE EXTENSION OF OPEC+ OUTPUT CUTS THROUGH 1Q 2024 DID LITTLE TO PROP UP OIL PRICES.
🔴 IEA: THE CONTINUED RISE IN OUTPUT AND SLOWING DEMAND GROWTH WILL COMPLICATE EFFORTS BY KEY PRODUCERS TO DEFEND THEIR MARKET SHARE AND MAINTAIN ELEVATED OIL PRICES.
🔴 IEA RAISES 2024 GLOBAL OIL DEMAND GROWTH FORECAST BY 130,000 BPD TO 1.1 MILLION BPD CITING IMPROVED GDP OUTLOOK - MONTHLY REPORT.
🔴 IEA TRIMS 2023 GLOBAL OIL DEMAND GROWTH FORECAST BY 90,000 BPD TO 2.3 MILLION BPD.
Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility. More here: https://t.co/dv85RxUk0l
Oil investors will usher in 2024 with gnawing concerns about oversupply, slowing economic growth and simmering Middle East tension that could spark price volatility https://t.co/7hw3ePIr10
OPEC says 'exaggerated concerns' about demand are hitting oil prices but still sees a slowdown in 2024 https://t.co/kvCqSTjlhe
🔴 OPEC: WE REMAIN CAUTIOUSLY OPTIMISTIC ABOUT THE FUNDAMENTAL FACTORS AFFECTING OIL MARKET DYNAMICS IN 2024.
Oil steady ahead of interest rate decisions, OPEC+ supply cut doubts https://t.co/GTyiBqW5xt https://t.co/Dyr174Y8GJ
The perception of US oil production growing is causing market participants to wonder how long the Saudis can keep cutting. But OECD demand weakness is the primary reason why OPEC+ needs to increase production cut going into 2024. https://t.co/0e3462CBGf
OPEC+ oil output cut may be too brief as physical market weakens https://t.co/5rKth8AZKF https://t.co/z6vQFGti4j
OPEC+ will need to maintain its latest supply cuts throughout next year in order to keep global oil markets in balance, according to Citigroup https://t.co/aZHuPxZFyf
OPEC+ will need to maintain its latest supply cuts throughout next year in order to keep global oil markets in balance, according to Citigroup https://t.co/07ThsFbNyF
OPEC+ will need to maintain its latest supply cuts throughout next year in order to keep global oil markets in balance, according to Citigroup https://t.co/UnWizGKcYV
🔴 CITI: OPEC+ WILL NEED TO MAINTAIN CUTS NEXT YEAR TO BALANCE MARKET.
How OPEC+ saw its hold on global oil markets fray despite extra production cuts https://t.co/u4HrhNc2Ru via @business
US oil production will keep booming in 2024, setting up a possible showdown with Saudi Arabia https://t.co/N5TT5z4mci
OPEC and Saudi Arabia are losing their grip on the oil market as prices see the longest fall in 5 years https://t.co/TO7bSwRm38
Saudi Arabia's decision to restrict oil supplies has also been described by analysts as a win for Putin, who needs strong oil prices to support his war in Ukraine https://t.co/LpLIm7jJUV
🔴 Putin and Saudis plead with Opec allies to press ahead with oil supply cuts. Find out more here ⬇️ https://t.co/QfkkJ3ZlhB
Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts https://t.co/qw77QeySgQ
NEW: Putin, Saudi leader urge oil cooperation as prices flag https://t.co/qMroU3Sj0m
🔴 KREMLIN, AFTER PUTIN MET SAUDI'S MBS: IT'S NECESSARY THAT ALL OPEC+ COUNTRIES JOIN THE AGREEMENT SO THAT IT WOULD BE IN INTERESTS OF BOTH OIL PRODUCERS AND CONSUMERS AND SUPPORT GLOBAL ECONOMIC GROWTH.