Global oil supply short-term update - August 2025
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Report summary
Table of contents
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Global Supply: OPEC+ to fully unwind 2.2 million b/d cut in September
- Non-OPEC supply: downgrades to Qatar and US Lower 48 partly offset by upgrades to China and Brazil
- US Lower 48 faces declining production in 2026 and 2027
- US Gulf of Mexico: Shenandoah first oil supports growth in second half of 2025
- OPEC: key OPEC+ producers will fully unwind 2.2 million b/d voluntary cut in September
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What's included
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