IEA monthly Oil Market Report for March

[dan_s]

You can read the summary here: https://www.iea.org/reports/oil-market-report-march-2024

This is the first of several more increases this year in IEA's oil demand forecast.

IEA's oil supply forecast seems too high to me because I think U.S. oil production is nearing a peak. We aren't running enough drilling rigs to increase production and the "Good DUC" inventory has been depleted.
IEA: "As in 2023, non-OPEC+ oil supply growth will eclipse the oil demand expansion by some margin. Led by the United States, non-OPEC+ production is forecast to rise by 1.6 mb/d in 2024 compared to 2.4 mb/d last year when global oil output climbed by 2 mb/d to 102 mb/d. Substantial gains will also come from Guyana, Brazil and Canada, all forecast to pump at record-highs this year. Together, the non-OPEC+ Americas quartet is set to add 1.3 mb/d of new oil production in 2024."