Global oil supply short-term update - September 2023
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.