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Global supply outages: back up to four million b/d

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Report summary

Unplanned supply outages have increased markedly since 2011 with over four million b/d being taken off the market in December 2014 and January 2015. After a brief mid-year recovery there was a resurgence of unplanned outages in late 2014. The key countries to have impacted global outages include Libya, Iran, Nigeria, Syria, Iraq and Yemen.

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    Global supply outages: back up to four million b/d

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  • Unplanned outages* fell in mid-2014 before increasing again in late 2014
  • Lower 48 production growth has acted as a buffer to increased global outages until a mid-2014 divergence.
  • OPEC unplanned outages have increased in recent years while non-OPEC outages remain relatively stable
  • Annual average supply outages
  • Losses as a percentage of production/capacity

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