Markets

As of the latest available data from 2024, the combined oil and gas production in Africa is approximately 6.4MM b/d and 17.5B cf/d respectively.

A recent report by BofA Global Research highlights a potentially soft oil market due to increased non-OPEC+ production and decelerating demand growth.

OPEC has recently downgraded its oil demand growth forecasts, but this change does not appear to alter its planned production adjustments.

Recent trends in U.S. refining and oil inventories are exacerbating global oil trading risks.

While futures prices registered day-on-day swings of 1.2-4.2% on each day of the period, the week-on-week shifts were a quarter of a percent or less.

Global oil demand is facing a bearish outlook due to several converging factors affecting key markets.

US oil output reached a new record high, with Lower-48 production having risen by 100K b/d to 13MM b/d.

The major Scandinavian producer’s oil and gas sector is set to achieve record investment levels in 2024, with total spending projected to hit $24B (257B Norwegian crowns).

OPEC's second-largest producer is transitioning to profit-sharing contracts for its oil and gas sector, marking a significant regulatory change aimed at attracting higher investment.

The Trans Mountain Expansion (TMX) pipeline has enhanced the economic viability of Canadian crude exports to East China, particularly Access Western Blend (AWB).