Global oil supply short-term update - June 2025
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Global Supply: OPEC+ presses ahead with an accelerated return of cuts as prices tread water
- Non-OPEC supply: lower prices impact supply in US Lower 48, particularly in 2026
- US Lower 48 supply declines year-on-year in 2026
- OPEC: as unwinding of cuts continues, we assume OPEC+ accelerates volume returns through October
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