Global oil supply short-term update - May 2025
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Report summary
Table of contents
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Global supply: weakening demand outlook and OPEC+ easing of cuts puts pressure on US onshore supply
- Non-OPEC supply: downgrades to North American outlook dominates changes this month
- US Lower 48 supply to marginally decline year-on-year in 2026
- OPEC: OPEC+ accelerate unwinding cuts in May
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What's included
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