Global oil supply short-term update - February 2022
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Table of contents
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Global supply: OPEC+ and mature producer struggles offset by increasing US onshore activity
- Russia production edges higher in January as Ukraine tensions rise
- Non-OPEC Supply: Downward adjustments to the North Sea offset North America gains
- US Lower 48: production returns to pre-pandemic levels by 2023
- OPEC: steady as it goes, agreement to roll over the current pace of OPEC+ production increases
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