Name: Global oil supply short-term update - August 2023
Brand: Wood Mackenzie
SKU: 156756
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Author: Wood Mackenzie

Country Report 08 August 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. The written document is accompanied by a slide deck and related excel data download. On 3 August Saudi Arabia announced that it would extend its additional voluntary cut of 1 million b/d to include September. This is to continue to support the stability of the market and could be further extended or deepened in subsequent months. Russia also announced that it would continue with its voluntarily additional cuts by reducing output in September by 300,000 b/d. There are also several looming risks to supply. The leader of the Libyan National Army, Khalifa Haftar, has threatened to implement oil blockades, if a revenue sharing agreement cannot be reached by the end of August. This could shut in up to 90% of production. In the US Lower 48, a decline in rig count since January, has led to downward revisions, and there is downside risk if rig activity continues to fall.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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        <a href="#0fd9096c-d52a-44cf-9db9-081f0bc25636" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="0fd9096c-d52a-44cf-9db9-081f0bc25636" aria-expanded="false">
            Global Supply: Saudi Arabia to extend 1 million b/d additional voluntary cut to September
        </a>
        <ul id="0fd9096c-d52a-44cf-9db9-081f0bc25636" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Non-OPEC supply: downward revisions dominated by US Lower 48 oil
    </li>
    <li class="push-quarter--bottom">
        US Lower 48 production to add 760,000 b/d in 2023, but growth rate slows in 2024
    </li>
    <li class="push-quarter--bottom">
        OPEC supply: Saudi Arabia to extend voluntary cut of 1 million b/d to September
    </li>

</ul>
    </li>

</ul>

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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 Summary August 2023 Slidepack.pdf</p>
<p class="uppercase delta">
    <span>PDF</span>
    <span>809.47 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 Data August 2023.xlsx</p>
<p class="uppercase delta">
    <span>XLSX</span>
    <span>310.56 KB</span>
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