Country Report
Global oil supply short-term update - September 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. 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
-
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
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Country Report
Global oil supply short-term update - November 2023
Overall forecast for global liquids remains relatively unchanged. However, there is an underlying shift in the dynamics.
$1,650
Country Report
Global oil supply short-term update - October 2023
OPEC+ makes no change to production policy as Saudi Arabia and Russia continue with voluntary cuts as planned
$1,650
Country Report
Global oil supply short-term update - August 2023
Saudi Arabia and Russia announce additional cuts for September
$1,650
