Country Report
Global oil supply short-term update - October 2023
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
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