Global Oil_ Monthly Agency Data Snapshot_Different views on 2025 balances

Global Oil: Monthly Agency Data Snapshot 16 December 2024 ab 12 -120% -90% -60% -30% 0% 30% 60% 90% 120% Jan-20 Sep-20 May-21 Jan-22 Sep-22 May-23 Jan-24 Sep-24 Africa USA Rest of Americas China Rest of Asia Europe Oceania Global We raise our global supply growth forecasts by 60kb/d in 2024 and 0.11Mb/d in 2025 to 0.59Mb/d and 1.35Mb/d respectively. Within this, we cut OPEC+ supply forecasts by 40kb/d for 2025 anticipating improving compliance and reflecting the recent trend in Iranian output, which is larg ...