Standard Chartered: Expect Very Little Growth In U.S. Oil Supply In 2024

Last year, U.S. crude production surged to all-time high, blunting efforts by OPEC+ to keep global markets constrained, and Energy Intel has predicted that robust non-OPEC oil supply is likely to cap oil prices even in the event demand surprises to the upside.  To wit, Energy Intel predicted that non-Opec-plus supply growth would clock in at 1.5 million b/d (crude 1 million b/d) in the current year, enough to offset demand growth in the 1.5 million-2 million b/d range. This leaves OPEC with little room to unwind its production cuts.…