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Global oil supply short-term update - November 2020

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04 November 2020

Global oil supply short-term update - November 2020

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. Global liquids supply is forecast to fall by 5.3 million b/d in 2020, to 95.2 million b/d, and increase by 1.5 million b/d in 2021 to bring total supply to 96.7 million b/d. This represents downward revisions of 0.2 million b/d for 2020 and 0.9 million b/d for 2021 since our October update. The key reason behind the substantial change for 2021 is our new assumption that the OPEC+ cuts will be maintained at current levels through the first half of the year. OPEC+ cuts were due to begin easing in 2021, but downward pressure on demand along with the rapid return of Libya crude has led us to alter our assumption. Production in 2022 sees a stronger increase of 2.9 million b/d to an average 99.6 million b/d, an upward revision of 0.2 million b/d.

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This report contains:

  • Document

    Global Oil Supply Data November 2020.xls

    XLS 392.00 KB

  • Document

    Global oil supply short-term update - November 2020

    PDF 753.03 KB

  • Document

    Global oil supply short-term outlook slidepack November 2020.pdf

    PDF 763.92 KB