Country Report
Global oil supply short-term update - June 2023
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The global oil supply monthly report provides analysis on short-term global oil supply through 2024. The written document is accompanied by a slide deck and related excel data download. On 4 June, OPEC+ surprised the market by announcing additional cuts in response to the falling oil price. Saudi Arabia announced that it would made an additional voluntary cut of 1 million b/d for July and the group also decided to extend a programme of cuts from end 2023 to end 2024. The biggest uncertainty in our outlook remains how the level of supply from Russia will evolve: with exports remaining high there is upside risk to production, particularly if domestic crude runs remain elevated. Changes to our outlook are weighted to the downside this month. This largely reflects lower supply from OPEC+ producers Saudi Arabia, Iraq and Kazakhstan and is partly offset by upward revisions to Russia and UAE.
Table of contents
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Global Supply: OPEC+ surprises with a million b/d cut for July
- Non-OPEC supply: upgrades to Russia are offset by downgrades to Kazakhstan in 2024
- US Lower 48 production shows strong growth in March, driven by Permian Delaware basin
- OPEC supply: crude oil output lowered as Saudi Arabia commits to an additional 1 million b/d cut in July
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