Extension of oil-output cuts by Saudi Arabia and Russia through year-end will lock in a substantial market deficit through Q4 23.

Unwinding OPEC+ cuts at the start of 2024 would shift oil balance to a surplus, but oil stocks will be at uncomfortably low levels.

Leaves 2024 oil demand growth forecast steady at 1 mln bpd as China recovery runs out of steam and vehicle electrification, greater efficiency take hold.

Russian oil exports fell by 150,000 bpd last month to 7.2 mln bpd, 570,000 bpd below a year-ago.

Global observed oil inventories plummeted by 76.3 million barrels to a 13-month low in August.