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Global upstream oil supply summary - July 2018

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06 July 2018

Global upstream oil supply summary - July 2018

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

    • 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)

Tables and charts

This report includes 1 images and tables including:

  • Executive summary: Image 1

What's included

This report contains:

  • Document

    Global Upstream Oil Supply Summary Data July 2018.xls

    XLS 370.00 KB

  • Document

    Global Upstream Oil Supply Summary July 2018.pdf

    PDF 1.74 MB

  • Document

    Global upstream oil supply summary - July 2018

    ZIP 1.84 MB

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