Crude Oil Market Fundamentals

Source: Canada Energy Regulator 3 Summary of Crude Oil Market Fundamentals Global Crude Oil and Liquids Supply ● Based on the latest short-term forecasts (at the time of this publication) from the International Energy Agency (IEA) and the US Energy Information Administration (EIA), global crude oil and liquids production is expected to average 102.8 MMB/d in 2024, up 0.9% or 0.9 MMB/d year-over-ye. [...] Global Crude Oil and Liquids Supply/Demand Balance ● According to the IEA outlook, global crude oil and liquids supply growth will outpace demand growth in 2024, leading to supply surpluses. [...] 4 Global Crude Oil and Liquids Short-Term Global Crude Oil and Liquids Supply Outlooks1 | Quarterly | 2018 to 2024e 110 • Based on the current short-term outlooks from the IEA and EIA, on average, global crude oil and IEA Forecast 105 liquids supply is expected to average 102.8 MMB/d in 2024, Historical up 0.9% or 0.9 MMB/d from 100 Supply 2023 levels. [...] 4 2020 • Based on the latest forecasts from the US Energy Information 2 Administration and the International Energy Agency, US crude oil production growth is 0 expected to moderate in 2024. [...] OPEC Supply Growth | Annual | 2000 to 2024e Slide 9: Estimated OPEC Spare Production Capacity1 | Monthly | 2020 to 2023 Slide 10: Short-Term Global Crude Oil and Liquids Demand Outlooks | Quarterly | 2018 to 2024e Slide 11: Annual Demand Growth – IEA | 2001 to 2024e Slide 12: IEA Short-Term Global Crude Oil and Liquids Supply/Demand Balance Outlook | Quarterly | 2018 to 2024e Slide 13: Non-OPEC Su.