The primary short-term indicators influencing oil production, demand, and pricing are examined in our dashboard.

October saw a fall in Brent crude oil prices, which came down to USD 90.6/bbl from USD 3.1/bbl m-o-m. Due to Saudi Arabia and Russia extending their voluntary production cuts until the end of the year, there is a shortage of supplies, which is driving up prices.

The demand for liquids globally fell by 1.1 MMb/d month over month to 100.6 MMb/d. The US had a 0.5 MMb/d increase in demand, which substantially countered China’s 0.9 MMb/d m-o-m decline to 15.2 MMb/d.

The output of OPEC 10 fell by 0.12 MMb/d month over month to 28.1 MMb/d. Since January 2023, OPEC 10’s output has decreased by 1.32 MMb/d as supply is being reduced.

To reach 59.0 MMb/d, non-OPEC output marginally rose by 0.3 MMb/d m-o-m. With an output rise of 0.18 MMb/d, Canada was linked to the biggest month-over-month increase, while China saw the largest month-over-month decrease.

September saw a small rise in US shale oil output, averaging 9.7 MMb/d for the month. As of October, there were 549 active rigs, a decrease of 8 m-o-m and 150 since the beginning of 2023. October saw an average of about 5 MMb/d in combined production levels throughout Iran, Venezuela, and Libya, with monthly production improvements in Iran being offset by reductions in Venezuela and Libya.