Country Report
Global oil supply short-term update - December 2021
Report summary
The global oil supply monthly report provides analysis on short-term global oil supply through 2023. The written document is accompanied by a slide deck and related excel data download. The OPEC+ group met on 2 December with Brent oil prices having fallen to around $70 per barrel. Despite pressure from some to pause or reduce supply increases, the group agreed to continue with its current plan to add 400,000 b/d back into the market in January. Our outlook for global supply shows only modest changes this update, with most of the revisions focused on the fourth quarter of 2021. Upward revisions to US Lower 48, Venezuela and Libya are offset by downgrades to the UK, Brazil, Nigeria and China.
Table of contents
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Global supply: OPEC+ rollover continues, despite lower prices
- Non-OPEC Supply: minor revisions to forecast
- US Lower 48: DUC inventories approach irreducible lows
- OPEC: minimal changes as OPEC+ group stick with existing plan to ease production restraint
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