Country Report
Global upstream oil supply summary - July 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. Faced with an uncertain supply outlook for Iran, Venezuela and Libya, and mounting pressure from the US government to address 'high' prices, OPEC and Russia delivered a clever compromise at their recent meeting in Vienna. They decided to return to the agreed compliance of 100% from the November 2016 agreement, way below the current 152% compliance recorded in May. This brings back about one million b/d to the market by end-2018. Those OPEC members who can – namely Saudi Arabia, Kuwait and the UAE – supported by non-OPEC partners including Russia, will increase production to offset those whose output has fallen below their agreed level.
Table of contents
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Executive summary
- Global supply projections little changed; but major shifts in underlying dynamics.
- OPEC: downgrades to Iran, Venezuela and Libya offset additional volumes from GCC members
- Non-OPEC outages add to market tightness
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US Lower 48 momentum continues, despite growing infrastructure concerns
- Liquids changes (million b/d)
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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