Name: Global upstream oil supply summary - July 2018
Brand: Wood Mackenzie
SKU: 89850
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Country Report 06 July 2018

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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.

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
- US Lower 48 momentum continues, despite growing infrastructure concerns
  - Liquids changes (million b/d)