Global Supply Dips on Non-Opec-Plus

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Global supply of hydrocarbon liquids in August is estimated to have fallen by about 150,000 barrels per day on the month to 101.05 million b/d. The bulk of the fall came from the big three non-Opec-plus producers — the US, Canada and Brazil — while China, the fourth-largest in the non-aligned group, is seen to have made a sizable gain as domestic production rises. Opec-plus increased production by roughly 50,000 b/d to 50.1 million b/d, while growth in refining gains amounted to 40,000 b/d. So far this year, global output has averaged 101 million b/d, up 1.3 million b/d from average output in 2022.

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