Country Report
Global oil supply short-term update - May 2023
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. Stronger assumed OPEC+ compliance to voluntary production cut targets through 2023, particularly from key OPEC producers including Saudi Arabia, the UAE and Kuwait, are a key reason for a downward adjustment to the supply outlook in this monthly update. The adjustments are partly offset by increases to Russia, where distillate exports have remained above expectations, and China, where guidance from domestic national oil companies points towards a stronger outlook. Overall, global liquids supply is revised down 290,000 b/d in 2023 and up 170,000 b/d in 2024.
Table of contents
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Global supply: downgrades to OPEC supply outweigh upgrades to China and Russia
- Non-OPEC supply: upward revisions to Russia and China dominate changes this month
- US Lower 48: H2 2023 set for strong growth led by Permian
- OPEC supply: crude oil output lowered as OPEC+ voluntary cuts impact outlook
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