Name: Global oil supply short-term update - July 2021
Brand: Wood Mackenzie
SKU: 137417
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Country Report 09 July 2021

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Report summary

The global oil supply monthly report provides analysis on short-term global oil supply through 2022. The written document is accompanied by a slide deck and related excel data download. OPEC+ met on 1 July, and again on 2 July, but could not reach a consensus on the further lifting of production restraint beyond the end of July, when the current agreement lapses. In the absence of any new agreement, we have kept our assumptions for the pace of OPEC+ production increases largely unchanged from last month. Overall global supply has been revised up by 200,000 b/d for 2021, to 96.0 million b/d. Upgrades focus on Mexico, Iran and the US Lower 48, and there are relatively minor downgrades to Iraq and Brazil. As OPEC+ production cuts are eased, global supply is forecast to rise to 100.5 million b/d in 2022, which represents a more substantial upward revision of 390,000 b/d from the previous month.

Global supply: OPEC+ expected to continue lifting production restraint gradually, despite lack of new agreement
OPEC+ fail to reach agreement at early July meeting
Non-OPEC Supply: NOC targets drive supply revisions
- US Lower 48: private operators pick up the pace, but supply remains steady
- Mexico: PEMEX priority fields offset natural declines
OPEC: minor upward revisions focus on Iran
- Iran elects new President