The US Energy Information Administration (EIA) reported on January 2 that last week, the US Crude Oil Product inventory decreased by 1.2 million barrels, with inventory along the Gulf Coast falling to its lowest level in two years. As of the week ending December 27, the US Crude Oil Product inventory had decreased to 0.4156 billion barrels, down from 0.4168 billion barrels the previous week. The inventory has declined for six consecutive weeks, with a total decrease of 14.7 million barrels. Compared to the same week in 2023, the inventory also decreased by 15.5 million barrels.

The inventory in the US Gulf Coast region decreased from 0.2315 billion barrels a week ago to 0.2275 billion barrels. Compared to the same period last year, the inventory has decreased by 7.1 million barrels, the lowest level for the region since the week ending December 2, 2022.

Further south, Crude Oil production in Guyana in November increased by 60% year-on-year, reaching 0.651 million barrels per day, according to data from the Ministry of Natural Resources, driven by improvements in offshore operations by Exxon Mobil.

The Guyanese government predicts that the average daily production in 2024 will reach 0.623 million barrels per day, representing a 60% increase from the average production in 2023. By the end of 2024, daily production is expected to reach 0.68 million barrels as the fourth project, the Yellowtail project with 0.25 million barrels per day, goes into production, and average production is projected to reach 0.9 million barrels per day by the end of 2025.

According to the shipment schedule, Libya's Crude Oil exports in January are expected to reach 1.11 million barrels per day, unchanged from December.

From January to July last year, Libya's Crude Oil Product export volume averaged just over 1 million barrels per day, but from the beginning of August, loading volume decreased due to disruptions. The country's largest oil field, El Sharara, was forced to shut down, followed by blockades of oil fields and ports.

Libya's output has since recovered. The National Oil Corporation (NOC) stated that Crude Oil Product output reached 1.42 million barrels per day on December 31. Argus estimated that Libya's average output for November was 1.24 million barrels per day.

According to data tracked by Argus and analyzed by companies Kpler and Vortexa, Nigeria's Dangote refinery received a record high of 0.65 million barrels per day of Crude Oil Product in December, approaching 0.395 million barrels per day, an increase from 0.28 million barrels per day in November. All Crude Oil Product deliveries in December were from Nigeria, marking the fourth consecutive month without any delivery of US WTI Crude Oil. It was initially expected that there would be deliveries of WTI Crude Oil in December, but this did not materialize.

Operator Dangote Group stated that its goal is to reach a throughput of 0.35 million barrels per day in the first phase of operation. The receiving volume reached 0.35 million barrels per day in June but has since declined. Since March, the delivery volume of Crude Oil Product has begun to increase, with estimated receiving volumes averaging slightly below 0.275 million barrels per day.