BNO - OPEC Update - June 2024
2024-06-20 03:35:00 ET
Summary
- Output for April 2024 was revised up by 25 kb/d and March 2024 output was also revised higher by 23 kb/d compared to last month’s report.
- OPEC output has been relatively flat for the past 8 months.
- The EV transition will not happen quickly enough to keep oil demand under 83 Mb/d, so supply would be short for this supply scenario and would lead to higher oil prices and higher oil supply, with a peak of about 84 Mb/d in 2028 or 2029 needed for supply to meet demand for crude.
A guest post by D Coyne
The OPEC Monthly Oil Market Report (MOMR) for June 2024 was published recently. The last month reported in most of the OPEC charts that follow is May 2024 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the OPEC charts that follow, the blue line with markers is monthly output and the thin red line is the centered twelve-month average (CTMA) output....
OPEC Update - June 2024