Name: Global upstream oil supply summary - June 2017
Brand: Wood Mackenzie
SKU: 70114
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Country Report 11 July 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. 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.