Country Report
Global oil supply short-term update - June 2020
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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. On 6 June OPEC+ agreed to extend production cuts of 9.7 million b/d by one month to July. Global supply is forecast to fall by 4 million b/d in 2020. Our outlook has been revised downwards since May, by around 600,000 b/d in 2020, due to the OPEC+ extension and further shut-ins due to the price fall. OPEC crude oil production fell by almost 5 million b/d in May as key producers complied with cuts. We have revised it down further, by 340,000 b/d in Q3 2020, due to the extension of production cuts. This is largely across Saudi Arabia, Kuwait and the UAE, where the strongest adherence is expected. Non-OPEC liquids production is now forecast to fall by 0.9 million b/d in 2020 and rebound by 0.6 million b/d in 2021. The biggest revisions are to the outlooks for Canada, the US and Russia.
Table of contents
- Global supply: OPEC+ cut extension lowers output in 2020
- Non-OPEC supply: further curtailments lower North America outlook
- OPEC: phase one production cut extended through July
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