Country Report
Global oil supply short-term update - December 2023
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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