Country Report
Global oil supply short-term update - March 2021
Report summary
The global oil supply monthly report provides analysis on short-term global oil supply through 2022. The written document is accompanied by a slide deck and related excel data download. Two key events have shaped the changes to our global oil supply outlook this month. Firstly, the impact of freezing temperatures in the US during February; and secondly, the outcome of the OPEC+ meeting on 4 March, where it was agreed to continue with production restraint levels from March into April, with the exception of Russia and Kazakhstan, who will be allowed to increase oil production. In our latest analysis, global supply has been revised down by 450,000 b/d in 2021, to 96.0 million b/d.
Table of contents
-
Global supply: US deep freeze and OPEC rollover impacts H1 2021 production
- OPEC+ rolls over March cuts; exception of further small rise in output for Russia and Kazakhstan
- Non-OPEC supply: sweeping US winter storms, and a mixed forecast for the North Sea
- US Lower 48: winter storm impact was severe but short-lived
- OPEC: downward revisions as OPEC+ rolls over production cuts
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Country Report
Global oil supply short-term update - March 2024
OPEC+ extends and deepens production cuts through Q2 2024
$1,650
Country Report
Global oil supply short-term update - May 2024
Minor changes to the outlook as the market ponders early June OPEC+ meeting outcome
$1,650
Country Report
Global oil supply short-term update - April 2024
OPEC+ cuts take effect in first half with high levels of compliance noted from participating members
$1,650