Country Report
Global oil supply short-term update - December 2023
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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. At the 30 November OPEC+ Ministerial meeting, a group of producers agreed to deepen voluntary cuts for Q1 2024. This is an attempt to put a firmer floor under prices in the face of continued market concerns over demand growth. We estimate that these additional cuts will reduce Q1 2024 supply by around 580,000 b/d. Our forecast for global liquids supply is revised downward for 2024 and 2025, mainly driven by downgrades to key US NGLs plays and Iraq.
Table of contents
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Global Supply: OPEC+ pledges to deepen its planned production cuts for Q1 2024
- Non-OPEC: revisions to key US NGLs plays drives downgrades in 2024 and 2025
- US Lower 48 production will add more than 850,000 b/d in 2023
- OPEC: deeper cuts agreed by six OPEC+ members for Q1 2024; Saudi Arabia rolls over 1 million b/d cut
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What's included
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