Country Report
Global oil supply short-term update - February 2021
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. The outlook for global liquids supply has been lowered this month, largely due to downward adjustments to OPEC crude oil production and unconventional supply. This is partly offset by increased expectations for US Lower 48 crude and NGL output. Changes to the supply outlook include a downward revision of 330,000 b/d for 2021 and 130,000 b/d for 2022. Total global liquids production fell by 5.7 million b/d in 2020 to 94.7 million b/d. It is forecast to increase by 1.8 million b/d in 2021 to 96.4 million b/d and by 3.4 million b/d in 2022 to 99.8 million b/d.
Table of contents
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Global liquids supply: upgrade to US lower 48 offset by downward revisions to OPEC
- Non-OPEC supply: minor revisions to conventional supply outlook; unconventionals downgraded
- US Lower 48: New federal policies pose no threat to short-term supply
- OPEC: minor revisions as OPEC+ holds steady at January levels
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