Country Report
Global oil supply short-term update - September 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. The outlook for global liquids supply has been revised down this month, by 460,000 b/d for 2020 and 90,000 b/d for 2021. The most substantial revisions are to the US Lower 48, where production data for May came in lower than expected, revealing the true pace and magnitude of production shut-ins. Precautionary shut-ins in the Gulf of Mexico, due to Hurricane Laura and Tropical Storm Marco, also removed substantial volumes in August. Outside of the US, the changes are relatively small, the most significant being downward revisions for Venezuela and Iraq, followed by upward revisions for Canada for 2020.
Table of contents
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Global supply: US production for 2020 significantly downgraded, elsewhere minor downgrades are the norm
- Non-OPEC supply: downward revisions in 2020 focused on the US
- OPEC supply: outlook for Venezuela falls even further and Iraq catches up with compliance commitments
Tables and charts
This report includes the following images and tables:
- Hurricane Laura and Tropical Storm Marco area of impact
What's included
This report contains:
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