Macro Oils short-term outlook July 2019
Report summary
Table of contents
- Global Supply
- OPEC: economic deterioration and sanctions take toll on Iran and Venezuela
- Venezuela’s outlook for production continues to look increasingly difficult in 2020
- Iran exports fall sharply as sanctions begin to bite
- Non-OPEC supply: delay of Canada’s Line 3 Replacement pipeline points towards extension of Alberta production curtailments into 2020
- Canada: mandated production cuts now expected to be extended, outlook for crude production in 2020 significantly downgraded
- US Lower 48 supply: outlook remains for crude oil and condensate growth of 1.2 million b/d in 2019
- Global demand
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