Country report

Global upstream oil supply summary - May 2017



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Report summary

The oil supply summary monthly report provides analysis on short term global oil supply through 2018. The written document is accompanied by a related excel data download. Global supply growth in 2017 has been revised up this month to around 500 000 b/d year on year. OPEC production has had minor upward revisions in 2017 but 2018 has seen a downward revision of 600 000 b/d as OPEC and Russia agreed to extend cuts through to Q 2018. We assume Saudi Arabia and most other GCC nations ramp up output in the remainder of 2018 slowly so as not to overwhelm the market. There is potential upside with positive signs from both Nigeria and Libya who are currently exempt from OPEC cuts. In Libya both the El Sharara and Elephant fields reopened in recent weeks while the Forcados pipeline in Nigeria resumes.

What's included

This report contains

  • Document

    Global upstream oil supply summary data May 2017.xls

    XLS 312.50 KB

  • Document

    Global upstream oil supply summary May 2017.pdf

    PDF 1.29 MB

  • Document

    Global upstream oil supply summary - May 2017

    ZIP 1.26 MB

Table of contents

  • Executive summary

Tables and charts

This report includes 1 images and tables including:


  • Liquid changes (million b/d)

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