Country Report
Global upstream oil supply summary January 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. Substantial shifts in supply are forecast through 2017. US production is forecast to recover stronger than previously anticipated and the market looks oversupplied into 2018. As a result, we have revised our outlook for OPEC: we now assume OPEC's current production cut agreement will be rolled over in May to support price stability through the second half of 2017.
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Global supply driven marginally upwards, due to upgrades to supply in Libya and onshore US.
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Global supply growth in 2017 remains weak. Downgrades this month to Libya, Venezuela and the US are offset by stronger production in Iran.
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