Jim Barber/Shutterstock Save for later Print Download Share LinkedIn Twitter More crude oil is coming to market than anticipated and that is leading to a growing supply surplus in the first half of 2023, latest balances show. The increase is substantial at 400,000 barrels per day, and three key sources contribute. Russian crude oil production is holding up better in February and March thanks to high domestic refinery runs. Nigerian supply is bouncing back as the government cracks down on theft. And US crude supply has been revised to account for upward adjustments in US data, which overstate consumption and undercount supply. A downward revision to US demand exacerbates the surplus. Whether Russia and Nigeria can maintain their higher volumes is unclear, but unlikely.
