Country Report
Global oil supply short-term update - April 2023
Report summary
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.
Table of contents
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Global supply: growth slows in 2023 as OPEC+ agree further production cuts
- Non-OPEC supply: strong domestic crude runs in Russia drives upward revision to 2023
- Russia extends 500,000 b/d cut through to the end of 2023
- US Lower 48: Permian production continues to grow strongly in 2023
- OPEC supply: OPEC+ agrees to additional voluntary cuts of 1.66 million b/d from May
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