Name: Global oil supply short-term update - April 2023
Brand: Wood Mackenzie
SKU: 152332
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Author: Wood Mackenzie

Country Report 07 April 2023

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The global oil supply monthly report provides analysis on short-term global oil supply through 2024. The written document is accompanied by a slide deck and related excel data download. On 2 April, Saudi Arabia and other OPEC+ producers announced additional voluntary cuts to production, including an extension of Russia’s voluntary cut of 500,000 b/d until the end of 2023. The new OPEC+ cuts are in addition to the 2 million b/d output cut agreed in October 2022. As production from the group has been below output targets to date, the actual impact on supply is lower. OPEC+ cuts are the main driver behind a large downward revision to our global supply outlook for 2023. Downward revisions to US NGLs, accounts for most of the downgrades to 2024. Russia has been revised up in 2023 due to stronger Q1 production.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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        <a href="#03e00941-ee91-4c97-9b6f-7a82581903f4" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="03e00941-ee91-4c97-9b6f-7a82581903f4" aria-expanded="false">
            Global supply: growth slows in 2023 as OPEC+ agree further production cuts
        </a>
        <ul id="03e00941-ee91-4c97-9b6f-7a82581903f4" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Non-OPEC supply: strong domestic crude runs in Russia drives upward revision to 2023
    </li>
    <li class="push-quarter--bottom">
        Russia extends 500,000 b/d cut through to the end of 2023
    </li>
    <li class="push-quarter--bottom">
        US Lower 48: Permian production continues to grow strongly in 2023
    </li>
    <li class="push-quarter--bottom">
        OPEC supply: OPEC+ agrees to additional voluntary cuts of 1.66 million b/d from May
    </li>

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    </li>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Global Oil Supply Data April 2023.xlsx</p>
<p class="uppercase delta">
    <span>XLSX</span>
    <span>325.05 KB</span>
</p>
</li><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Global Oil Supply Summary April 2023 Slidepack.pdf</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>1.04 MB</span>
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