Global oil supply short-term update - February 2023
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
-
Global supply: OPEC+ retains wait and see approach as Russia supply so far holds up
- Impact of Türkiye (Turkey)-Syria earthquake
- Non-OPEC supply: upgrades to Russia, offset by downgrades to Norway, Canada and Brazil
- Russia production remains stable at start of year despite sanctions and price caps
- US Lower 48 growth remains steady heading into 2023
- OPEC supply: no change to OPEC+ strategy leads to stable production
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Global oil supply short-term update - October 2025
OPEC+ begin to unwind next tranche of cuts. We assume only a partial return of volumes due to a weakening outlook for prices.
$1,350Global oil supply short-term update - September 2025
Upgrades to global supply driven by US Lower 48 crude and NGLs, Brazil, United Arab Emirates and Argentina
$1,350Global oil supply short-term update - August 2025
OPEC continue accelerated production return; US Lower 48 supply outlook downgraded
$1,350