Country Report
Global upstream oil supply summary - April 2018
*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 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.
Table of contents
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Executive summary
- Global supply growth downgraded as Venezuela production declines accelerate; wider geopolitical risk increases
- Geopolitical risk premium increases as Trump shakes-up the White House
- Impact of renewed US sanctions on Iran
- Venezuela: switch to low case supply outlook as production declines accelerate
- Could takeaway constraints in the Permian spoil the party?
Tables and charts
This report includes the following images and tables:
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Executive summary: Image 1
What's included
This report contains:
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