The International Energy Agency (IEA) predicts an 870 kb/d decline in global oil production in Q1 2024 due to weather-related shut-ins and OPEC+ curbs. Despite a projected deficit throughout the year, global oil demand is set to rise by 1.7 mb/d in Q1, driven by improved US outlook and increased bunkering. Non-OPEC+ nations are expected to lead production gains from Q2 onwards. Trade disruptions and rising US ethane demand contribute to a slight upward revision in global oil demand. Iran is anticipated to boost production by 280 kb/d in 2024, with OPEC+ reviewing output policies in June.