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Global upstream oil supply summary - March 2018

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05 March 2018

Global upstream oil supply summary - March 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. 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

    • 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 1 images and tables including:

  • Liquids changes (million b/d)

What's included

This report contains:

  • Document

    Global Upstream Oil Supply Summary Data March 2018.xls

    XLS 392.00 KB

  • Document

    Global Upstream Oil Supply Summary March 2018.pdf

    PDF 950.44 KB

  • Document

    Global upstream oil supply summary - March 2018

    ZIP 1.04 MB

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