Insight
Global oil supply outages spike in July
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Global unplanned supply outages are anticipated to surpass 4 million b/d in July for the first time since mid-2016. The increase has been triggered by trouble in Libya, a power outage at the Syncrude oil sands plant in Canada, and continued production decline in Venezuela. While the outage in Canada is only expected to impact the near term, and Nigerian losses are forecast to return to more normal levels in August, we expect further losses from Iran and Venezuela. The outages come at a pivotal point for the oil market, coinciding with OPEC’s recent decision to bring more supply back into the market. OPEC agreed to reduce compliance to the agreed accord from 152% in May to 100% from July – effectively bringing back ~1 million b/d of supply into the market. However, within the overall context of the global oil market, we continue to expect a year-on-year gain in oil supply of 2.2 million b/d in 2018 as US gains continue along with contributions from several other non-OPEC producers
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
Other reports you may be interested in
Insight
Global oil cost curves and pre-FID breakevens - H1 2025
Deepwater developments are becoming more competitive, driven by new production in Latin America
$1,350
Insight
Global oil supply short-term update - May 2025
Weakening demand outlook and OPEC+ easing of production cuts puts pressure on prices
$1,350
Insight
What does an OPEC+ accelerated return of cuts mean?
We examine the impact of a continuation of the accelerated easing of OPEC+ voluntary cuts from July through October 2025.
$1,350
