Global Oil Data Deck (March 2024)
Market balances flip back to mild supply deficit in January on the back of winter storm impacts in the US and the [half-hearted] start to OPEC+’s Q1 production cuts.
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Overview
Global oil markets flipped back to mild undersupply in January thanks to winter storm disruptions taking an axe to US production as well as the official—albeit half-hearted—start to OPEC+’s Q1 production cuts.
Crude prices finally managed to break free to the upside of their month’s-long range, hitting a high of nearly $88/bbl (Brent) earlier this week before pulling back over the past couple of days—prompt Brent contracts are currently sitting around $85/bbl.