Global upstream oil supply summary - August 2017
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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 has had an upward revision of 59,000 b/d and 173,000 b/d in 2017 and 2018 respectively since our last update. This is largely driven by upgrades to supply onshore US Lower 48. Even with the assumption of an OPEC rollover of cuts through to the end of 2018, global supply is projected to grow by 1.7 million b/d in 2018. The outlook for OPEC supply remains relatively stable, despite the impact of pipeline blockades in Libya. Crude oil supply is forecast to fall from 32.2 million b/d in 2016 to 32.1 million b/d in 2017, and return back to 32.2 million b/d in 2018.
What's included
This report contains
Table of contents
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Executive summary
- World oil supply growth motors on despite Harvey
- Rising output in Libya and Nigeria poses challenge for OPEC
- US onshore output growth is slowing in the short-term
- Meanwhile new type curves strengthen our overall forecast for US Lower 48 outlook
Tables and charts
This report includes 1 images and tables including:
Images
- Liquids changes (million b/d)
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