Country Report

Global oil supply short-term update - September 2023

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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.

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  • Document

    Global Oil Supply Data September 2023.xlsx

    XLSX 641.09 KB

  • Document

    Global Oil Supply Summary September 2023 Slidepack.pdf

    PDF 1.01 MB