Country Report
Global upstream oil supply summary - June 2017
*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 2018. The written document is accompanied by a related excel data download. Global supply growth in 2017 has been revised up again this month to around 640,000 b/d year-on-year. But, we now expect OPEC production to remain flat from 2017 to 2018. Our new base case assumes additional production restraint, with a rollover of cuts through 2018 to counteract increasing supply from Libya, Nigeria, and the US L48. There is still potential upside as Libya production volumes recently surpassed one million b/d on a daily basis. The crucial questions are, can it be sustained, and for how long? For non-OPEC supply, in Norway the Gina Krog project started up and in the UK, the Kraken field came onstream. Both fields will ramp up to peak production of 50,000 b/d each in 2018 and 2019 respectively.
Table of contents
-
Executive summary
- Highlights
Tables and charts
This report includes the following images and tables:
- Liquids changes (million b/d)
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - May 2025
Weakening demand outlook and OPEC+ easing of production cuts puts pressure on prices
$1,350
Insight
Global oil supply short-term update - April 2025
Market uncertainty reigns as the impact of US tariffs and return of OPEC+ barrels plays out
$1,350
Asset Report
South Santa Cruz (MC 563)
South Santa Cruz (MC 563) is an oil and gas field located in the Mississippi Canyon protraction area of the Central Gulf of Mexico. ...
$3,720
