Global upstream oil supply summary - March 2017

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 remains weak, at only 140,000 b/d. This follows growth in 2016 of only 240,000 b/d, a big shift from the annual average increases of two million b/d between 2010 and 2015. Underpinning a second year of weak supply growth is the assumption that OPEC and Russia will rollover the agreed supply cuts into the second half of 2017, and that adherence will remain strong.  But the return of OPEC and Russian production in 2018 signals the return of strong increases, with output forecast to rise 2.4 million b/d.