Country Report
Global oil supply short-term update - November 2021
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. The latest OPEC+ meeting took place on 4 November, during which they agreed to keep to the current plan to add 400,000 b/d back into the market each month. This decision was in line with our previous assumptions and follows in the wake of relatively large supply additions in September and October. Our outlook for global supply has been moderately revised up, with the only substantial change being an upward revision to US onshore Lower 48 liquids. This is partly balanced by relatively minor downgrades to Russia, Angola, Kazakhstan and the North Sea.
Table of contents
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Global supply: OPEC+ rollover again, still steady as it goes
- Non-OPEC Supply: minor changes to the outlook, US NGLs ramp up
- US Lower 48: completions outpace drilling two-to-one
- OPEC: agreement to continue existing easing of OPEC+ production cuts
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