Country Report
Global upstream oil supply summary - May 2017
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 this month to around 500,000 b/d year-on-year. OPEC production has had minor upward revisions in 2017 but 2018 has seen a downward revision of 600,000 b/d as OPEC and Russia agreed to extend cuts through to Q 2018. We assume Saudi Arabia and most other GCC nations ramp up output in the remainder of 2018 slowly so as not to overwhelm the market. There is potential upside with positive signs from both Nigeria and Libya who are currently exempt from OPEC cuts. In Libya both the El Sharara and Elephant fields reopened in recent weeks while the Forcados pipeline in Nigeria resumes.
Table of contents
- Executive summary
Tables and charts
This report includes 1 images and tables including:
- Liquid changes (million b/d)
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