Update to ONYX Global Oil Balance: this update’s key revision revolves around supply, with lower non-OPEC supply growth in 2025 and an upward readjustment in Iraqi crude production following methodological changes by Petro-Logistics SA. Following a comprehensive review of Iraq’s crude balance, Petro-Logistics SA has reclassified “other” refinery feedstocks as crude oil, accounting for most of the revision in the country’s output.
This report contains Onyx Advisory’s Global Oil Liquids Balance, with projections of world oil supply (including OPEC crude oil production) and world oil demand to derive implied global oil stock changes by quarter. The report is split into two parts: a detailed global balance on page 3 and a summary balance on page 4, which shows individual OPEC country crude production assumptions over the forecast period. The OPEC crude production level is contrasted with the ‘Call on OPEC’ crude to obtain the implied global stock change. Historical data are sourced from the IEA, while Petro-logistics SA data are used for OPEC crude production.
