Name: Global oil supply short-term update - January 2023
Brand: Wood Mackenzie
SKU: 149438
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Author: Wood Mackenzie

Country Report 11 January 2023

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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The global oil supply monthly report provides analysis on short-term global oil supply through 2024. The written document is accompanied this month by a related excel data download only. The slide pack will resume with the early February report. OPEC+ have left their existing production limits unchanged since the meeting on 4 December. The market waits for clarity on the impact of two key variables: the import bans and price cap on Russian crude and oil products supply; and China’s covid crisis. Global liquids supply has been revised up, by an average of 190,000 b/d in 2023, to average 102.4 million b/d. The changes to supply in 2022 and 2024 are minimal, being an average 40,000 b/d and 20,000 b/d higher respectively. The most significant change is an upgrade for US onshore Lower 48 crude and NGLs, followed by smaller upward revisions for Russia and Nigeria.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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        <a href="#f761293f-ef2b-49a7-82a2-897293d037a3" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="f761293f-ef2b-49a7-82a2-897293d037a3" aria-expanded="false">
            Global supply: OPEC+ marks time as the impact of planned restrictions on Russian oil supply remains unclear
        </a>
        <ul id="f761293f-ef2b-49a7-82a2-897293d037a3" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Non-OPEC supply: US Lower 48 growth accelerates; Russia production remains strong, for now
    </li>
    <li class="push-quarter--bottom">
        Russia responds to G7 price cap plan by banning sales to participating countries
    </li>
    <li class="push-quarter--bottom">
        US Lower 48 growth continues through October
    </li>
    <li class="push-quarter--bottom">
        OPEC supply: production drops as OPEC+ stick to output cuts amid continuing market uncertainty
    </li>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
<ul class="list"><li class="list__item-icon push-half--bottom"><svg class="list__image-icon" width="13.9" height="17.2" viewBox="0 0 13.9 17.2"><title>Document</title><g fill="#232323"><path d="M13.8 3.5L10.3.2c-.1-.2-.2-.2-.3-.2H1.5C.7 0 0 .7 0 1.5v14.2c0 .8.7 1.5 1.5 1.5h10.9c.8 0 1.5-.7 1.5-1.6V3.8c0-.1 0-.2-.1-.3zm-3.4-1.8l1.7 1.6h-1.7V1.7zm2 14.4H1.5c-.2 0-.5-.2-.5-.5V1.5c0-.2.3-.5.5-.5h7.8v2.9c0 .2.2.5.5.5h3.1v11.3c0 .2-.2.4-.5.4z"></path><path d="M11.1 6.3H3.7c-.2 0-.5.2-.5.5s.2.5.5.5H11c.3 0 .6-.2.6-.5s-.3-.5-.5-.5zM11.1 12.6H3.7c-.2 0-.5.2-.5.5 0 .2.2.5.5.5H11c.3 0 .6-.2.6-.5-.1-.3-.3-.5-.5-.5zM3.7 10.4H11c.3 0 .6-.2.5-.5 0-.2-.2-.5-.5-.5H3.6c-.2 0-.5.2-.5.5 0 .2.2.5.6.5z"></path></g></svg>
<p class="font-regular" >Global Oil Supply Data January 2023.xlsx</p>
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    <span>XLSX</span>
    <span>325.52 KB</span>
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