Country Report
Global oil supply summary - April 2019
Report summary
The global oil supply monthly report provides analysis on short-term global oil supply through 2020. The written document is accompanied by a related excel data download. Strong non-OPEC supply growth countered by declining OPEC production continues to be a central theme in our short term supply outlook. Revisions to the outlook made since last month echo this: non-OPEC supply has been revised up by around 140,000 b/d in 2019, while OPEC supply is revised down by 160,000 b/d. The focus of uncertainty and risk is on OPEC this year. Crude oil production fell to 30.2 million b/d in March, the lowest level since early 2015. Production cuts primarily led by Saudi Arabia, US sanctions targeting Iran exports and a combination of sanctions and a deteriorating operating environment in Venezuela have all contributed to the fall.
Table of contents
- Global supply:non-OPEC strength countered by OPEC uncertainty
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Non-OPEC supply: upward revisions add to overall strength of supply
- US Lower 48: anticipated slowdown in Q1 2019, but increasing completion activity in H2 2019
- Bakken and Rockies production rises despite pipeline constraints and contentious regulatory environment in Colorado
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OPEC geopolitical woes lead to new 2019 lows
- Venezuela: plunged into darkness
- Libya: El Sharara production ramps up
- Iran: oil exports continue to fall
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