The global oil supply monthly report provides analysis on short-term global oil supply through 2020. The written document is accompanied by a related excel data download. The outlook for global supply is changing. The pace of growth for 2019 and 2020 is being revised down. Liquids production is now forecast to increase 0.7 million b/d in 2019 and 1.7 million b/d in 2020. Whilst 2020 production growth remains strong, three key factors have contributed to a supply downgrade of over 0.6 million b/d this month: • an extension of production curtailments in Alberta, Canada, through 2020 • a shift in our political assumption for Venezuela - President Maduro is now assumed to remain in power through 2020 • and mounting pressure on Iran exports has forced more production into floating storage. With limited storage availability, and exports falling sharply in June, we have revised our outlook for crude oil production down.