Country Report
Global oil supply short-term update - October 2023
*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. The written document is accompanied by a slide deck and related excel data download. At their latest meeting on 4 October the OPEC+ Joint Ministerial Monitoring Committee (JMMC) made no recommendations to amend its production policy. Saudi Arabia and Russia are continuing with their additional voluntary cuts of 1 million b/d (production) and 300,000 b/d (exports) respectively, until the end of 2023. In the run-up to the meeting Brent prices remained above $90/bbl, although there were continuing concerns in the market over the potential weakness of demand growth.
Table of contents
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Global Supply: steady as it goes, OPEC+ make no changes to current production policy
- Non-OPEC supply: upgrades to US NGLs dominates changes this month
- US Lower 48 production on track to add close to 800,000 bpd in 2023
- OPEC supply: no change to policy as Saudi Arabia and Russia continue voluntary cuts
Tables and charts
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What's included
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