The oil supply summary monthly report provides analysis on short-term global oil supply through 2019. The written document is accompanied by a related excel data download. Global supply growth remains strong in the near term, despite substantial downward revisions this month to Venezuela. Global liquids are forecast to grow 2.4 million b/d in 2018 and 1.9 million b/d in 2019, with total supply revised down close to 350,000 b/d in both years. Analysis in this monthly update includes: the extent of our downgrade to Venezuela's oil production outlook, and the reasons for it; uncertainty surrounding US policy toward Iran and how it could impact the oil market; and potential takeaway capacity concerns in the Permian.