Country Report
Global upstream oil supply summary - March 2018
*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 2019. The written document is accompanied by a related excel data download. Global oil supply growth is relentless, adding 2.8 million b/d in 2018 and 1.9 million b/d in 2019. Over 70% of this growth comes from the US, where we continue to see upward revisions to onshore Lower 48 supply – both crude and NGLs. Notable downside risks exist. In Venezuela, reported crude oil production has become volatile with December dropping ~200,000 b/d month-on-month, only to swing back up in January to reach 1.75 million b/d. In Libya, maintaining production levels close to 1 million b/d remains a challenge: in February, the 70,000 b/d El Feel project was shut-in due to protests by guards. And we have made downward revisions to Brazil, due to a slowdown in pre-salt growth and continued declines in legacy assets.
Table of contents
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Executive summary
- Global supply: production to increase 2.8 million b/d in 2018, with the US contributing 2 million b/d
- US L48 upward revisions drive strong growth in 2018 and 2019
- Saudi Arabia and Russia show commitment to production restraint
Tables and charts
This report includes the following images and tables:
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Liquids changes (million b/d)
What's included
This report contains:
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