Country Report
Global upstream oil supply summary - April 2017
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The oil supply summary monthly report provides analysis on short-term global oil supply through 2018. The written document is accompanied by a related excel data download. Global supply growth in 2017 has been revised up this month but remains weak, at 240,000 b/d year-on-year. This follows growth in 2016 of only 200,000 b/d – a step change from the annual average increases of two million b/d between 2010 and 2015. Underpinning a second year of weak supply growth is the assumption that OPEC and Russia will rollover the agreed supply cuts into the second half of 2017, and that adherence will remain strong. However, the key question for 2018 supply is the return of OPEC and Russian production, which we assume occurs from the end of 2017. A full return would result in a strong surge in supply, with output rising by 2.4 million b/d in 2018.
Table of contents
- Executive summary
Tables and charts
This report includes the following images and tables:
-
Liquids changes (million b/d)
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - July 2026
Signing of MoU between the US and Iran sees Middle East production start to recover strongly in June
$1,350
Asset Report
North Field South (LNG) - upstream
The 16 mmtpa North Field South (NFS) LNG development is the second phase of Qatar's wider North Field Expansion project.
$3,720
Insight
Global oil supply short-term update - June 2026
Production recovery for the key Middle East producers has been deferred as the Strait of Hormuz remains restricted
$1,350
