Country Report
Global oil supply short-term update - September 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. In early September, Saudi Arabia announced a rollover of its voluntary production cuts, extending the 1 million b/d cut to the end of the year. Russia also announced that they will extend their 300,000 b/d cut to exports to year-end. Our market balance show tightness in the second half of 2023 as global demand recovers towards pre-pandemic levels. However, strong non-OPEC supply growth, coupled with fears of weakening economic growth in China and the risk of persistent inflation, have put increasing reliance on OPEC+ to support the market.
Table of contents
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Global Supply: Saudi Arabia extend production cuts to end of 2023
- Non-OPEC: strong growth in US NGLs and US Lower 48 drive upgrades in 2023 and 2024
- US Lower 48 production on track to add close to 800,000 b/d in 2023
- OPEC supply: Saudi Arabia to extend voluntary cut of 1 million b/d to end-2023
Tables and charts
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What's included
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