Country Report
Global oil supply short-term update - May 2022
*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 2023. The written document is accompanied by a slide deck and related excel data download. Another major downward revision to our outlook for supply in Russia dominates the forecast this month. Whilst the level of crude exports has increased since the start of the war in Ukraine, domestic refinery crude runs have contracted sharply, along with declining domestic demand. There is a high level of uncertainty amid the ongoing situation and Russian supply continues to face a growing list of logistical and technical challenges.
Table of contents
-
Global supply: base case outlook for Russia supply again lowered substantially
- Russia: new EU sanctions under discussion as production declines sharply in April
- Non-OPEC supply: downgrades to Russia, Norway and GoM offset upgrades to China and Kazakhstan
- US Lower 48: drilling activity remains strong but completions slow
- OPEC: Libya oil blockade outages slow OPEC growth in Q2
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - May 2025
Weakening demand outlook and OPEC+ easing of production cuts puts pressure on prices
$1,350
Insight
Global oil supply short-term update - April 2025
Market uncertainty reigns as the impact of US tariffs and return of OPEC+ barrels plays out
$1,350
Insight
Global oil supply short-term update - March 2025
OPEC+ reaffirm their decision to ease voluntary production cuts from Q2 2025
$1,350
