Insight
Global oil supply short-term update - July 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 revised up strongly in 2026 and 2027 following the signing of the Memorandum of Understanding (MoU) between the US and Iran on 17 June. Vessel activity through the Strait of Hormuz has increased, supporting a significant recovery in Middle East production in June. Despite early progress, risks remain around the durability of the MoU process and recovery of Strait of Hormuz transits. In this monthly update we extend our outlook to include 2028.
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