Country Report
Global oil supply short-term update - December 2020
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Report summary
The global oil supply monthly report provides analysis on short-term global oil supply through 2022. The written document is accompanied by a slide deck and related excel data download. Following the OPEC+ agreement on 3 December 2020 to increase output from the beginning of 2021, the outlook for global liquids supply has been revised up by 280,000 b/d for 2021 and 190,000 b/d for 2022 since our November update. Global supply is forecast to decrease by 5.5 million b/d in 2020 to 95.0 million b/d and to now increase by 2.0 million b/d in 2021 to 97.0 million b/d. Production in 2022 grows at a faster pace, adding 2.8 million b/d to average 99.8 million b/d, just 0.7 million b/d below the 2019 peak.
Table of contents
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Global supply: OPEC+ agreement will lift output from January 2021, but by less than initially planned
- OPEC+ agree to 500,000 b/d supply increase from January 2021
- Non-OPEC: minor revisions, lower than expected UK and Norway volumes
- US Lower 48: minor revisions to H2 2020 volumes, 2021-22 forecast remains unchanged
- OPEC: upward revisions as Iran and Libya outlooks improve
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What's included
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