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
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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
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