Country Report
Global oil supply short-term update - August 2020
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The global oil supply monthly report provides analysis on short-term global oil supply through 2021. The written document is accompanied by a slide deck and related excel data download. Global liquids supply remains under severe pressure from the oil price collapse and uncertainty caused by the covid-19 pandemic. Production has plummeted since the start of the year - output in Q2 2020 fell almost 8 million b/d compared to Q1, to 93 million b/d. Relative to January, June supply was almost 12 million b/d lower. Strong OPEC+ compliance, additional cuts by Saudi Arabia, the UAE and Kuwait, and peak shut-in volumes, particularly in the US and Canada, all played a part in cutting supply from the market. We expect June to be the low point for supply this year. Production shut-ins have started to ease in the US and Canada, and the OPEC+ group agreed on 15 July to relax the groups production targets from August.
Table of contents
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Global supply: production plummets through June, but volumes set to ease back into the market
- OPEC: compliance steps up in June; cuts due to ease from August
- Non-OPEC: cuts, compliance and curtailments
- Key revisions this month include:
Tables and charts
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