Country Report

Global oil supply short-term update - December 2023

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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. 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.

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  • Document

    Global Oil Supply Data December 2023.xlsx

    XLSX 333.32 KB

  • Document

    Global Oil Supply Summary December 2023 Slidepack.pdf

    PDF 848.68 KB