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Will OPEC Increase Production?


Numbers Report – February 16, 2024

In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
Let’s take a look.

1. OPEC Plays the Bullish Tune, Hinting at Need to Increase Production

- Even though the IEA cut its 2024 demand forecast to 1.22 million b/d this month, OPEC remains vehemently bullish about the oil markets, expecting them to rise 2.25 million b/d.
- Expecting global liquids consumption to reach 104.4 million b/d this year, OPEC has been creating leeway to influence oil prices should its bullishness materializing, saying the call on OPEC production is set to hit 28.38 million b/d in 2024.
- Such a call on OPEC would be 2.04 million b/d higher than the current output of the 12-member producers’ group, creating some food for thought ahead the much-anticipated June 1 meeting in Vienna.
- Saudi Arabia, having recently lowered its long-term production target to 12 million b/d, is still pumping 9 million b/d, whilst the likes of Iraq and Kuwait are reportedly producing above their quotas, setting the stage for another compliance row.

2. European Shipping Enters Carbon Markets

- As part of Brussels’ mandate, Europe’s shipping industry is compelled to cover shipping emissions via the…

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