Insight
Global oil supply short-term update - August 2026
*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. The slide deck is accompanied by a related excel data download. Global oil supply is forecast to fall in 2026 following the resumption of tensions in the Middle East. The production recovery of key Middle East producers has been delayed, based on our assumption that flows through the Strait of Hormuz now normalise in September. We assume US blockades on Iranian exports are eased with the same timing. Upgrades to Venezuela and changes to the unconventionals baseline drive the upgrades through 2028.
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