Country Report
Global oil supply short-term update - June 2020
*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 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
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - May 2025
Weakening demand outlook and OPEC+ easing of production cuts puts pressure on prices
$1,350
Insight
Global oil supply short-term update - April 2025
Market uncertainty reigns as the impact of US tariffs and return of OPEC+ barrels plays out
$1,350
Insight
Global oil supply short-term update - March 2025
OPEC+ reaffirm their decision to ease voluntary production cuts from Q2 2025
$1,350
